Contract closeout is required for all government contracts to establish the final contract price and make the final contract payment. The process starts when contract performance is complete for a contract and ends when all administrative actions have been completed, all disputes settled, and final payment has been made. FAR 4.804, Closeout of Contract Files, provides the basic rules and procedures for the administrative closeout of contracts.

Contracting Officers are responsible for ensuring that contract awards are made only to responsible prospective contractors. To determine prospective contractors’ responsibility, Contracting Officers consider information in the Federal Awardee Performance and Integrity Information System (FAPIIS) and other past performance information submitted by the contractor or otherwise acquired by the agency.

When conducting market research, reviewing historical acquisition information obtained from previous procurements can be a practical method to help understand the marketplace and assess the availability of sources. As described in the Federal Acquisition Regulation (FAR) Section 10.002, a thorough review of acquisition histories on current or prior contracts for the same or similar items can help determine the type of market information needed for a particular acquisition.