COR Contract Closeout Procedures 2

Question 1

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

Accepted Answer

Receiving Report or DD Form 250

Answer

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

Question 2

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

Accepted Answer

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

Answer

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

Question 3

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

Accepted Answer

6 months

Answer

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

Question 4

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

Accepted Answer

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

Answer

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

Question 5

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

Accepted Answer

Unliquidated obligations may persist on agency books, distorting budget data

Answer

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

(COR) Contracting Officer's Representative Certification Practice Test

(COR) Contracting Officer's Representative Certification Practice Test

COR Contract Closeout Procedures 2