Acquisition automations to initiate and execute steps in the contract closeout process.
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. The process can range from simple to complex depending on contract attributes such as type (e.g. firm-fixed price, cost-reimbursement), period of performance, significance, and type of subcontracted work, and the volume of property. For a complete list of steps in the contract closeout process, see Activity 51 in FAI’s Contracting Professionals Smart Guide.
- Initiate and execute steps in the contract closeout process
- Reduced labor time spent on manual tasks
- Reduced process/cycle time for closeout activities
- Increased compliance with required timeframes for closeout activities
- Reduced risk of overpayment
- Mitigates risks of losing funds to excess payments
