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Contract Closeout: New Avenues for Quicker Closeouts
October 23 @ 12:00 pm - 1:00 pmFree
Contract closeout is a critical, but often forgotten, piece of the Contract process. Timely closeout results in reduced contract administration and a greater likelihood that contractors and agencies still have the documentation necessary to achieve a successful contract closeout.
In 2019, two things happened to facilitate a quicker closeout for Defense contractors in certain circumstances. DOD published a final DFARS provision, effective April 30, 2019, and DOD published a Memorandum on May 3, 2019 relaxing certain requirements for DCMA to closeout contracts. This workshop focuses on those two changes.
- Grasp the basic steps (baseline) involved in a typical contract or task/delivery order closeout.
- For Contracts “at least 17 fiscal years before the current fiscal year,” determine whether they are eligible for closeout under newly effective DFARS Subpart 204.804.
- Analyze when it is appropriate to determine records (for older contracts) are not reconcilable such that they can be closed out without a final audit?
- Discuss the impact of DOD’s Memorandum to DCMA on quick closeout versus quick closeout thresholds in FAR 42.708.