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Closeout Agreement

The conclusion of a contract occurs when a contract has fulfilled all the conditions of a contract and all administrative measures have been taken, all disputes have been settled and final payment has been made. These include administrative measures that are prescribed by the Treaty; That is, ownership, security, patents and royalties. The procedures for entering into the contract are listed in Federal Acquisition Regulation (FAR) 4.804-5. 3. An audit shall be required for reimbursement contracts of $550,000, unless the available data are considered sufficient to establish adequacy, in which case the contractual act shall be documented on the ground that it relates to it. Requests for audits, typically submitted by the Defense Contract Audit Agency (DCAA) pursuant to DOS`s agreement with DCAA to conduct cost audits, must be submitted through the D/LM/AQM/BOD/QA Audit Team (see 642.101(b)). Reimbursement contracts may be concluded after receipt of the audit report and after the issues raised have been resolved. Early closure procedures can be followed, as provided for in FAR 42.708. The decision of the treaty may require the examination of each contract if justified; However, audits should not be asked whether the cost of the audit is likely to exceed the potential cost cover, unless there is a suspicion of fraud or misrepresentation.

1. The delegate verifies that all work is completed under the contract; request the CoR`s evaluation of the contractor`s performance; and conduct an initial review of the status of the fund, i.e., determine if the contract contains surplus funds that should be derogated by the contract amendment. Contract agents shall provide the CoR with cover accompanied by the CoR`s certificate of closure, the corresponding performance evaluation form (in the case of construction services (SF-1420), architect-engineering services (SF-1421) or other supplies or services (DS-1771, Contractor Evaluation Statement) and a final payment and an end-of-year memorandum. Contract agents may require RSOs to enter past performance data directly into the Contractor Performance Evaluation Reporting System (CPARS) instead of issuing a paper evaluation form (see 642.1503-70). (c) The process of entering into the contract begins as soon as possible after the physical conclusion of the contract, which means that the contractor has provided the necessary supplies and the government has inspected and accepted them, or the contractor has provided all the services required in the contract and the government has accepted all the services required in the contract, and the base time limit and all option periods exercised have expired. (b) Contracting activities are responsible for initiating each contract. Contracting activities and bureaux of requirements shall be jointly responsible for the timely compliance with the necessary contracting procedures. (7) After entering into a contract of 8 (a), the contract agent must complete the Small Business Administration contract conclusion form within ten (10) days of the conclusion of the contract. A copy is transmitted to SBA, a copy is kept in the contract file and a copy is sent to OSDBU. (9) The close-out documents are available on the intranet on the A/OPE website.

(f) Procurement records for contracts that use simplified procurement procedures are considered concluded when the contracting employee receives supporting documentation of assets/services and residual payment. The disposal of these records is carried out in accordance with FAR 4.805 rules. (d) Special procedures. The normal steps for entering into a physical contract are as follows. These steps are grouped in the Contract Closeout checklist, which is completed by the customer and included in the contract file. The contract agent shall indicate all non-registrations (e.g. B patent reports, royalty reports, etc.) . . . .