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Federal Contracting Answer Book, 3rd Edition by Terrence M. O'Connor

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CHAPTER

20

CLOSEOUTS

The closeout of a contract is a critical point in the contracting process. From a legal standpoint, once final payment has been made and the contract has been closed out, no additional claims can be made under the contract. From an administrative standpoint, the contract is over.

    How soon after the contract is over should the contracting officer close out a contract?

A contracting officer (CO) generally closes out a contract six months after completion. The specific time periods are addressed in the FAR. The FAR also deals ...

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