A contract is not complete and ready for closeout until the contractor complies with all the terms of the contract. This includes those administrative actions that are contractually required; i.e. property, security, patents and royalties. Closeout is completed when all administrative actions have been completed, all disputes settled, and final payment has been made.
DoD Procedures for Settling Financial Accounts Under the Special Temporary Contract Closeout Authority, Oct 12, 2005
OUSD Memo, Contract Closeout: NDAA of 2007 Extension for Settling Financial Accounts the Special Temporary Contract Closeout Authority, Nov 15, 2006
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