Contract Closeout Procedures Flashcards

Which document formally verifies that a contractor has delivered all required supplies or services before contract closeout?

Answer: Receiving Report or DD Form 250

A receiving report (or DD Form 250) documents government acceptance of all required deliverables, a prerequisite for initiating closeout.

During contract closeout, what happens if a contractor submits an invoice that was not previously identified during performance?

Answer: The COR must verify the claim against contract records before forwarding to the CO

The COR reviews any late or unresolved invoices against contract records and technical performance data before the CO makes a payment decision.

What is the standard timeframe for closing out a contract that used simplified acquisition procedures after physical completion?

Answer: 6 months

FAR 4.804-1 requires contracts using simplified acquisition procedures to be closed out within 6 months after physical completion.

When a contractor submits a Completion Voucher, what does this signify?

Answer: The contractor is certifying that all costs have been claimed and no further payments are due

A Completion Voucher is the contractor's final cost submission certifying that all allowable costs have been claimed and no further billing will occur.

A contract has been physically complete for two years with no closeout action taken. What risk does this create?

Answer: Unliquidated obligations may persist on agency books, distorting budget data

Delayed closeout leaves unliquidated obligations on the agency's financial records, which can misrepresent available funding and skew budget reporting.

Which type of audit is commonly required before closing out a cost-reimbursement contract?

Answer: DCAA incurred cost audit

The Defense Contract Audit Agency (DCAA) conducts incurred cost audits to verify that all claimed costs on cost-reimbursement contracts are allowable, allocable, and reasonable.

What action should the COR take if they discover property that was provided to a contractor under a contract that is now being closed out?

Answer: Document it and notify the contracting officer so government property can be recovered or disposition determined

The COR must account for all government-furnished property and report its status to the CO, who determines proper disposition before closeout is complete.