Contract Closeout - Procedures
Introduction
As required by the Federal Acquisition Regulation (FAR) 4.804 and/or 42.708, all contracts must be closed if a contract has been completed.
Contract closeout procedures may be straightforward or complicated depending on the contract type. Contract closeout requires coordination between Finance and Accounting Group (F&A), Contracts Group, and respective management and the government entity that administers the contract.
The overall contract closeout process consists of six areas as described in the contract closeout document. These are listed below along with the responsible departments/organizations.
1. Closeout initiation – Contracts 2. Document collection and Verification – F&A Closeout 3. Financial Analysis – F&A Closeout 4. Subcontractor Release – Contracts/Subcontracts 5. Closeout package creation - Contracts 6. US Government Certification and Archiving – US Government
Definitions/Acronyms
ACO Administrative Contracting Officer
ACRN Accounting Classification Reference Number
BE BearingPoint, Inc.
CA Contract Administrator
CACS Contract Audit Closing Statement
CAR Contract Administration Report
CAS Contract Administration Services
CLIN Contract Line Item Number
CMO Contract Management Office
COA Certificate of Acceptance
CPAF Cost-Plus-Award-Fee
CPFF Cost-Plus-Fixed-Fee
CPIF Cost-Plus-Incentive-Fee
DCAA Defense Contract Audit Agency
DCMA Defense Contract Management Agency
DFARS Defense Federal Acquisition Regulation Supplement
DFAS Defense Finance and Accounting Service
FAR Federal Acquisition Regulation
FAD Final Acceptance Date FDD Final Delivery Date
FFP Firm-Fixed-Price
F&A Finance and Accounting
FY Fiscal Year
GFE Government Furnished Equipment
GFM Government Furnished Material
GFP Government Furnished Property
GRT Government Reporting Team
GSA General Services Agency
IDIQ Indefinite Delivery Indefinite Quantity
MOCAS Mechanization of Contract Administration Services
MOD Modification
PCO Procuring Contracting Officer
PO Purchase Order
POC Point of Contact
POP Period of Performance
PS Public Service
R&D Research and Development T&M Time and Material
ULO Unliquidated Obligation
WIP Work in Process
