Contract closeout is defined as “the process of settling all outstanding contractual issues to ensure that each party has met all of its obligations and documenting the contract file accordingly.”1 The primary objectives of contract closeout include the:
• Identification and resolution of uncompleted obligations or pending liabilities on the part of either party. This includes the final audit and the negotiation of the final overhead rates and the price (for fixed-price contracts) or cost and fee (for cost-type contracts). For the government this action will probably result in the recouping of unobligated funds remaining on the contract and applying the unspent balances to other approved programs. The contractor also ...