Difference between revisions of "Contract Closeout - Procedures"

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(Created page with "==Introduction== As required by the Federal Acquisition Regulation (FAR) 4.804 and/or 42.708, all contracts must be closed if a contract has been completed. Contract close...")
 
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==Definitions/Acronyms==
 
==Definitions/Acronyms==
  
ACO Administrative Contracting Officer
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ACO Administrative Contracting Officer
  
 
ACRN Accounting Classification Reference Number
 
ACRN Accounting Classification Reference Number
  
BE BearingPoint, Inc.
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CA Contract Administrator
  
CA Contract Administrator
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CACS Contract Audit Closing Statement
  
CACS Contract Audit Closing Statement
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CLIN Contract Line Item Number
  
CAR Contract Administration Report
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CPAF Cost-Plus-Award-Fee
  
CAS Contract Administration Services
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CPFF Cost-Plus-Fixed-Fee
  
CLIN Contract Line Item Number
+
CPIF Cost-Plus-Incentive-Fee
  
CMO Contract Management Office
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DCAA Defense Contract Audit Agency
  
COA Certificate of Acceptance
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DCMA Defense Contract Management Agency
  
CPAF Cost-Plus-Award-Fee
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DFAS Defense Finance and Accounting Service
 
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CPFF Cost-Plus-Fixed-Fee
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+
CPIF Cost-Plus-Incentive-Fee
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DCAA Defense Contract Audit Agency
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DCMA Defense Contract Management Agency
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DFARS Defense Federal Acquisition Regulation Supplement
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DFAS Defense Finance and Accounting Service
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FAR Federal Acquisition Regulation
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FAD Final Acceptance Date
 
FAD Final Acceptance Date
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GFP Government Furnished Property
 
GFP Government Furnished Property
 
GRT Government Reporting Team
 
 
GSA General Services Agency
 
  
 
IDIQ Indefinite Delivery Indefinite Quantity
 
IDIQ Indefinite Delivery Indefinite Quantity
  
MOCAS Mechanization of Contract Administration Services
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MOCAS         Mechanization of Contract Administration Services
  
 
MOD Modification
 
MOD Modification
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POP Period of Performance
 
POP Period of Performance
  
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T&M Time and Material
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ULO Unliquidated Obligation
  
  
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[[Category: Policies and Procedures - Contracts]]
 
[[Category: Policies and Procedures - Contracts]]
 
PS Public Service
 
 
R&D Research and Development
 
 
T&M Time and Material
 
 
ULO Unliquidated Obligation
 
 
WIP Work in Process
 

Revision as of 09:18, 11 December 2015

Introduction

As required by the Federal Acquisition Regulation (FAR) 4.804 and/or 42.708, all contracts must be closed if a contract has been completed.

Contract closeout procedures may be straightforward or complicated depending on the contract type. Contract closeout requires coordination between Finance and Accounting Group (F&A), Contracts Group, and respective management and the government entity that administers the contract.

The overall contract closeout process consists of six areas as described in the contract closeout document. These are listed below along with the responsible departments/organizations.

1. Closeout initiation – Contracts 2. Document collection and Verification – F&A Closeout 3. Financial Analysis – F&A Closeout 4. Subcontractor Release – Contracts/Subcontracts 5. Closeout package creation - Contracts 6. US Government Certification and Archiving – US Government

Definitions/Acronyms

ACO Administrative Contracting Officer

ACRN Accounting Classification Reference Number

CA Contract Administrator

CACS Contract Audit Closing Statement

CLIN Contract Line Item Number

CPAF Cost-Plus-Award-Fee

CPFF Cost-Plus-Fixed-Fee

CPIF Cost-Plus-Incentive-Fee

DCAA Defense Contract Audit Agency

DCMA Defense Contract Management Agency

DFAS Defense Finance and Accounting Service

FAD Final Acceptance Date   FDD Final Delivery Date

FFP Firm-Fixed-Price

F&A Finance and Accounting

FY Fiscal Year

GFE Government Furnished Equipment

GFM Government Furnished Material

GFP Government Furnished Property

IDIQ Indefinite Delivery Indefinite Quantity

MOCAS Mechanization of Contract Administration Services

MOD Modification

PCO Procuring Contracting Officer

PO Purchase Order

POC Point of Contact

POP Period of Performance

T&M Time and Material

ULO Unliquidated Obligation