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504.804-5 Procedures for closing out contract files.

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504.804-5 Procedures for closing out contract files.

504.804-5 Procedures for closing out contract files.

      (a)  Contracting Officer Responsibilities Upon Evidence of Physical Completion. Upon receipt of evidence of physical completion of a contract, the contracting officer must, within 14 calendar days, ensure input of the status of “physically complete” (or similar) into any contract administration and/or financial systems applicable to the contract.

      (b)  Contracting Officer Responsibilities To Reconcile Financial Balances of Physically Completed Contracts.

           (1) Upon receipt of evidence of physical completion of a contract (including those contracts using simplified acquisition procedures), the contracting officer must, within 14 calendar days, determine if any outstanding financial balance exists. The contracting officer may request, as needed, information from the Office of the Chief Financial Officer (OCFO).

           (2) The contracting officer must reconcile any outstanding balances (e.g., through discussing final billings with contractors, descoping, deobligating funds, cancelling the contract in whole or in part, or terminating the contract in whole or in part, as applicable). The contracting officer must then take the necessary corrective actions to resolve such financial balances, in coordination with OCFO as needed.

           (3) Contracting officers must notify OCFO within 30 days of receipt of evidence of physical completion, of all known or anticipated excess financial balances remaining that meet or exceed $100,000, that have not previously been communicated to OCFO through other means such as regular OCFO data calls. Excess financial balances are any known or anticipated financial balances after receipt and payment of the final invoice or billing from the contractor (e.g., the amount expected remaining to be deobligated or descoped by the contracting officer).