|Revision Date||September 15, 2015|
When there is reasonable certainty that the terms of a contract have been accomplished and there is no intent to renew or extend the contract, contract staff closes out the contract.
Unless otherwise stated in the contract, the closeout process must be completed within 120 days of the date the contract terminates. The contractor must submit all financial, performance, other reports required by the contract, and liquidate all obligations no later than 90 calendar days after the end date of the contract, unless prior approval is given.
Contract staff are responsible for ensuring that DFPS’ interests are protected by coordinating, communicating, and documenting close-out requirements.
Prior to contract closeout, contract staff must ensure that:
- The terms and conditions of the contract have been accomplished;
- Delivery of goods and services have been met;
- Intellectual property, supplies, and equipment have been inventoried and disposed of ;
- The contractor has identified outstanding invoices and developed a plan for resolution;
- Outstanding monitoring findings and auditing issues are documented and resolved; and
- The contractor is made aware of the record retention requirement.
All contract records must be maintained as prescribed in the contract. Any records that are subject to litigation or outstanding audit findings shall be retained until they have been officially resolved.