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Management Concepts

Contract Closeout

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Next dates

May 2—3
2 days
Washington, District of Columbia, United States
USD 829
USD 414 per day
Jul 25—26
2 days
Tysons, Virginia, United States
USD 829
USD 414 per day
Oct 31—Nov 1
2 days
Tysons, Virginia, United States
USD 829
USD 414 per day
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Successful contract management requires successful closeout. Many agencies struggle with this step in the contract lifecycle because personnel infrequently face this task and it’s considered less important than other tasks. Closing out a contract can be as critical a task as awarding the contract. You will gain the skills to effectively deal with contractors and other stakeholders to ensure that contracts are closed according to the terms laid out and to handle problems or issues that may arise.

Learning Objectives

  • Discuss organizational structures and players required for closeout
  • Execute the steps required to close out different types of contracts
  • Handle items of special concern

Course Topics

Introduction to Contract Closeout

  • Contract Closeout Procedures
  • Contract Completion Statement
  • Physical Completion
  • Time Standards for Closing Contract Files
  • Organizational Structure
  • Personnel Involved
  • Summary
  • Exercise

Contract Files

  • Purpose of Contract Documentation
  • Types of Contract Files
  • Contents of Contract Files
  • Summary

Closeout Procedures

  • Basic Closeout Principles
  • Closeout Steps
  • Accelerated Closeout
  • Areas of Special Concern
  • Summary
  • Exercises

Effects of Contract Termination on Closeout Procedures

  • Termination for Convenience
  • Termination Based on Inadequate Contractor Performance
  • No-Cost Settlement
  • Summary

Time Requirements for Record Retention

  • Record Retention by Federal Agencies
  • Record Retention by Contractors
  • Summary

Problem Contract Closeouts

  • Overview
  • Contractor No Longer in Business
  • Contractor in Bankruptcy
  • Contractor is Unable to Submit Supporting Indirect Cost Data for Submission of Final Vouchers
  • Firm Fixed-Price Contractor Fails to Submit Final Invoice
  • Cost Reimbursable Contractor Fails to Submit Final Voucher
  • Unreconcilable Contracts
  • Summary
  • Exercises

Who should attend

This course is designed for personnel who participate or will participate in closing out contracts.

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