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Overview
Contract closeout is required for all government contracts to establish the final contract price and make the final contract payment. The process starts when contract performance is complete for a contract and ends when all administrative actions have been completed, all disputes settled, and final payment has been made. The process can be simple or complex depending on contract attributes such as type (e.g. firm-fixed price, cost-reimbursement), period of performance, significance, and type of subcontracted work, and the volume of property.

FAR 4.804-5, Procedures for Closing Out Contract Files, provides the basic procedures for the administrative closeout of contracts. While seemingly straightforward, successful contract closeout requires an in-depth knowledge of this clause and the other contractual requirements included in the contract that impact contract closeout. This course is designed to provide specific guidance in contract closeout and what you need to know and do related to the other contractual requirements.

Learning Objectives:
Upon completion of this course, the participant should know the US Government’s requirements for conducting contract closeout and how the related contractual requirements impact the contract closeout process including:
  • Standard and Quick-Closeout Procedures
  • Requirements of The Allowable Cost and Payment Clause
    • Invoicing
    • Reimbursing costs
    • Final indirect cost rates
    • Billing rates
    • Audit
    • Final payment
  • Impacts of the Limitation of Cost and Funds Clauses on Contract Performance and Closeout
  • How Fee and Other Contract Withholds Work and How You Recover the Money during Closeout
  • How Disallowance of Contract Costs Works and What You Need to Do to Recover the Money before Final Contract Closeout
  • Procedures to Definitize Letter Contracts/Undefinitized Contractual Actions
  • How Contract Terminations Impact Contract Closeout
  • Record Retention After Contract Closeout
Dates/Locations
No upcoming dates/locations at this time
Agenda
8:00 AM - 3:00 PM
Hilton Head Government Contracts Week
9:00 AM - 4:00 PM
All Other Locations
  • Standard and Quick-Closeout Procedures
  • Requirements of The Allowable Cost and Payment Clause
    • Invoicing
    • Reimbursing Costs
    • Final Indirect Cost Rates
    • Billing Rates
    • Audit
    • Final Payment
  • Impacts of the Limitation of Cost and Funds Clauses on Contract Performance and Closeout
  • How Fee and Other Contract Withholds Work and How You Recover the Money during Closeout
  • How Disallowance of Contract Costs Works and What You Need to Do to Recover the Money before Final Contract Closeout
  • Procedures to Definitize Letter Contracts/Undefinitized Contractual Actions
  • How Contract Terminations Impact Contract Closeout
  • Record Retention After Contract Closeout
Experts
  • Courtney Black
    Senior Manager, Ernst & Young
    Courtney has more than 15 years of experience in government contracting with EY advising clients on considerations spanning the government contracting lifecycle. She specializes in assisting clients in conducting business with the federal government, including determining compliance with Federal Acq...
  • Sajeev Malaveetil
    Partner, Ernst & Young
    Sajeev is a Partner and co-leader of the Forensics Government Contacts Services Practice at Ernst & Young LLP, based in the Washington, DC area. Over his 25 years of experience in industry and serving clients and counsel, Sajeev has served as the lead on several high profile matters related to g...
Accreditation
See Individual Courses For Available Credits
Certificates of Completion are provided to all seminar participants who attend Federal Publications Seminars courses following the event, upon request.
CPE: Continuing Professional Education
Field of Study: Specialized Knowledge
Delivery Method: Group-Live Classroom
Federal Publications Seminars is affiliated with West Professional Development and is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
For more information regarding administrative policies such as refunds, cancellations and complaints, please contact Federal Publications Seminars at 888.494.3696.
CPE Hours
This program is eligible for: 6 (CPE) hours of credit
Program Level: Intermediate
Program Prerequisite: na
Advance Preparation: na
Method: na
CLP: Continuous Learning Points
Approved for CLP by Defense Acquisition University
Defense Acquisition Workforce members must acquire 80 Continuous Learning Points (CLP) every two years from the date of entry into the acquisition workforce for as long as the member remains in an acquisition position per DoD Instruction 5000.66. We will provide you with documentation of points awarded for completing the event.
CLP Hours
This program is eligible for: 6 (CLP) hours of credit
CLE: Continuing Legal Education
States have widely varying regulations regarding MCLE credit. LegalEdcenter is an approved provider in AL, AK, AR, CA, GA, IL, ME, MO, MS, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, PA, RI, SC, TN, TX, UT, VA, VI, VT, WA, WI, and WV. Credit may be applied for in other jurisdictions on request and in accordance with state MCLE rules.
Please note that because some states are changing their policy on CLE reporting, you will need to fill out the request for credit from Federal Publications Seminars within 10 business days, or we may not be able to issue credits for the program.
CLE Hours
This program is eligible for: 5 (60 minutes), (50 minutes)
Travel
No travel information is available at this time
In-House
Bring Federal Publications Seminars to your location! If you would like to offer this course in-house, please contact us.
Schedule Training
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Level
  • 100
    Basic or fundamental subject matter is covered. Courses are geared to general knowledge or can be taken as a refresher.
  • 200
    Specific topics or issues within a topic area are covered. Students should be familiar with terms of art and general concepts concerning the course topic.
  • 300
    Workshops and class discussions cover specific subject matter in-depth, and participation is strongly encouraged. Attendees should have at least 2-3 years' experience in the area of study.
  • 400
    Courses build upon students' knowledge and experience, and cover complex issues within the subject matter. Should have 4-5 years' mastery of subject for in-depth analysis.
  • 500
    Masters-level programs designed for professionals with 5+ years' experience. Courses cover in-depth and technical analysis on specific subjects and updates on current issues.