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2008 NCMA World Congress Presentation - Contract Closeout
2008 NCMA World Congress Presentation - Contract Closeout
2008 NCMA World Congress Presentation - Contract Closeout
2008 NCMA World Congress Presentation - Contract Closeout
2008 NCMA World Congress Presentation - Contract Closeout
2008 NCMA World Congress Presentation - Contract Closeout
2008 NCMA World Congress Presentation - Contract Closeout
2008 NCMA World Congress Presentation - Contract Closeout
2008 NCMA World Congress Presentation - Contract Closeout
2008 NCMA World Congress Presentation - Contract Closeout
2008 NCMA World Congress Presentation - Contract Closeout
2008 NCMA World Congress Presentation - Contract Closeout
2008 NCMA World Congress Presentation - Contract Closeout
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2008 NCMA World Congress Presentation - Contract Closeout

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  • 1.  
  • 2. Breakout Session # 311 Jack R. Hott CPCM , Manager, Data Systems & Practices Fellow Battelle Memorial Institute Vincent M. Krivda CPCM Senior Subcontracts Officer Fellow Battelle Memorial Institute Katherine A. Woodall Student Intern, BGSU Battelle Memorial Institute Date April 16,2008 Time 2:40 – 3:40 Contract Closeout Basics for Buyers and Sellers
  • 3. Important Closeout Questions <ul><li>What is administrative closeout? </li></ul><ul><li>What is physically complete? </li></ul><ul><li>How do you know it is physically complete? </li></ul><ul><li>Are there any outstanding contract issues? </li></ul><ul><li>What actions are needed for administrative closeout? </li></ul><ul><li>How long do we have to close the contract? </li></ul><ul><li>When does the final invoice need submitted? </li></ul><ul><li>What needs to be on the final release? </li></ul>
  • 4. What is Administrative Closeout? <ul><li>CLOSEOUT – The process of settling all outstanding issues to ensure that each party has met all of its obligations, and documenting the contract file accordingly. </li></ul><ul><li>The primary objects of contract closeout are: </li></ul><ul><ul><li>To identify and resolve, before memories fade, any uncompleted obligations or pending liabilities on the part of either the Government or the contractor </li></ul></ul><ul><ul><li>To ensure that contract-related decisions and actions have been properly documented </li></ul></ul><ul><li>The Government Contracts Reference Book, Second Edition </li></ul>
  • 5. What is Physical Competition? <ul><li>Physically Completed Contracts (FAR 4.804-4) </li></ul><ul><ul><li>Required supplies delivered, inspected and accepted </li></ul></ul><ul><ul><li>All services performed and accepted </li></ul></ul><ul><ul><li>All options have expired </li></ul></ul>
  • 6. How do You Know it is Physically Complete? <ul><li>DD250 </li></ul><ul><li>Notice of Completion (NOC) </li></ul><ul><li>Period of Performance </li></ul><ul><li>Period of Performance </li></ul><ul><li>Receipt and Acceptance </li></ul><ul><li>Program Management Acknowledgement </li></ul>
  • 7. Are there any outstanding contract issues? <ul><li>Request for Equitable Adjustments </li></ul><ul><li>Change Orders </li></ul><ul><li>Modifications </li></ul><ul><li>Contract Deliverables </li></ul><ul><li>Data Items (CDRL) </li></ul>
  • 8. What actions are needed for administrative closeout? <ul><li>Property (property list, contractor acquired property) </li></ul><ul><li>Patent (DD882) </li></ul><ul><li>Security (DD254) </li></ul><ul><li>Small Business (SF294) </li></ul><ul><li>Subcontracts/Purchase orders/P-Cards closed </li></ul>
  • 9. How long do we have to close the contract? <ul><li>Firm-Fixed-Price (SAP) when received and final paid </li></ul><ul><li>Firm-Fixed-Price 6 months </li></ul><ul><li>Others 20 months (i.e. FP-EPA) </li></ul><ul><li>Indirect rates required 36 months (TM, CPAF, CPF, CR) </li></ul><ul><ul><li>FAR 4.804-1 </li></ul></ul><ul><ul><li>Note: Contractors do not have this much time. </li></ul></ul>
  • 10. When does the final invoice need submitted? <ul><li>120 Day Submission Requirement (FAR 42.705(b) and 52.216-7 (d)(5)) </li></ul><ul><li>Special Contract Terms </li></ul><ul><li>Expiring Funds </li></ul>
  • 11. What needs to be on the final release? <ul><li>Firm-Fixed Price vs. Other Contract Types </li></ul><ul><li>Release vs. Contingent Release (FAR 52.216-7 (h)) </li></ul><ul><li>Refunds and Rebates </li></ul>
  • 12. Conclusion <ul><li>Administrative closeout is a critical element of the contract lifecycle </li></ul><ul><li>Understanding when a contract is physically complete is an essential first step </li></ul><ul><li>Each closeout is unique </li></ul><ul><li>Timely closeout makes good business sense to both parties </li></ul>
  • 13. Conclusion – The Real Bottom Line <ul><li>CLOSEOUT BEGINS WHEN THE CONTRACT IS AWARDED! </li></ul>

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