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Contract Closeout

Available Modalities:

  • e-Training
  • Public Classroom
  • On Site
  • Virtual Classroom
SHOW CREDIT DETAILS
Delivery Method PDU Total Technical PMP/PgMp Leadership Strategy PMI RMP PMI SP PMI ACP PfMP PMI PBA
Instructor-Led Training 12 12 0 0 0 0 0 0 0
Virtual Instructor-Led Training 12 12 0 0 0 0 0 0 0
Delivery Method Instructor-Led Training Virtual Instructor-Led Training
PDU Total 12 12
Technical PMP/PgMp 12 12
Leadership 0 0
Strategy 0 0
PMI RMP 0 0
PMI SP 0 0
PMI ACP 0 0
PfMP 0 0
PMI PBA 0 0
  • CEUs: 1.2
  • CPEs: 14
  • Field of Study: Management Advisory Services
Synopsis

Contract closeout is the most unheralded phase of the procurement process, yet, when performed efficiently and effectively, it can protect the government’s interests and free up significant dollars for current-year program priorities. This practical, two-day course strikes an optimal balance between theory and practice by presenting the regulatory basis for the contract closeout process and then taking participants beyond theory to a real-life perspective on the challenges of actually doing closeout.

Interjected liberally throughout the course are valuable, proven tricks of the trade to help participants overcome the many pitfalls and delays inherent in the closeout of complex contracts. A variety of case studies and exercises will bring the real world of contract closeout to the classroom.

You’ll leave this course armed with a thorough, up-to-date knowledge of the current rules and practices of contract closeout and a newfound confidence in your ability to apply this knowledge when you return to the office.

Learn
  • Explain the regulatory requirements that influence the federal contract closeout process 
  • Save the government money by mastering techniques and practices to complete the closeout process timely and effectively 
  • Coordinate the roles of multiple players involved in closing contracts Improve the closeout process from the perspectives of today’s federal rule makers and procurement professionals 
  • Overcome obstacles and close contracts in a timely manner

This course uses digital materials.

Topics
  • Introduction to Contract Closeout
    • Contract lifecycle
    • Contract completion
    • The contract file
    • Importance of timely closeout
    • FAR time standards for closeout
    • Funding closeout
    • Roles in the closeout process
    • Key contracting officer (CO) closeout responsibilities
    • Key project officer ( PO ) closeout responsibilities
    • Key property administrator closeout responsibilities
  • Closeout Principles and Strategies
    • Contract closeout planning
    • Closeout strategies
    • Audit coordination strategies
    • Strategies for dealing with contractors
    • Quick closeout procedure
    • Strategies for maximizing use of quick closeout
  • Steps for a Successful Closeout
    • Managing contract closeout
    • Steps in contract closeout
    • Step 1: Verify contract completion
    • Step 2: Obtain all forms, reports and clearances
    • Final patent report
    • Final royalties report
    • Plant and property clearance reports
    • Closeout tip: obtaining forms, reports and clearances
    • Step 3: Resolve outstanding issues
    • Confirm all contract actions
    • Settle all subcontracts
    • Resolve terminations, claims and disputes
    • Dispose of government property
    • Dispose of classified documents
    • Resolve value engineering change proposals (VECPS)
    • Negotiate final rates for cost-type contracts
    • Steps in negotiating final rates
    • Contractor submits final overhead cost proposal
    • Defense Contract Audit Agency (DCAA) audits overhead proposal
    • What DCAA does
    • CO negotiates final rates
    • Contractor submits final settlement proposa
    • CO negotiates final settlement
    • Step 4: Initiate final payment
    • Importance of final payment
    • Step 5: Deobligate excess funds
    • Step 6: Prepare contract completion statement
    • Step 7: Dispose of contract file
    • Storage, handling and disposal of contract files
  • Additional Closeout Issues
    • Importance of past performance
    • Requirement for past performance
    • Past performance evaluation
    • Quick closeout: a closer look
    • Methods for deriving quick closeout rates
    • Final steps in quick closeout
    • Improving the closeout process
    • Common closeout problems
    • Late submission of final indirect rate proposal
    • Closeout tips
    • Audit delays
    • Lack of government team coordination
    • Automated system reconciliation problems