7.8. Step 7 – Contract Close Out
The purpose of the closeout process is to verify that both parties to the contract have fulfilled their contractual obligations and that there are no responsibilities remaining. A contract is completed when all goods, equipment or services have been received and accepted; all reports have been delivered and accepted; all administrative actions have been accomplished; all state entity-furnished equipment and material has been returned; and final payment has been made to the supplier.
The contract administrator or designee is responsible for contract closeout and must:
- Determine whether all payments to the supplier have been made,
- Determine whether all administrative actions have been completed,
- Ensure that all issues have been resolved, and
- Ensure that the official contract file contains all necessary documentation.
- Complete the Close Out Portion of the SPD-CP007 Contract Action Summary Form.
In addition, the contract administrator (or the project manager as applicable) must:
- Determine whether all deliverables, including reports, have been delivered and accepted,
- Determine whether all state entity property, if any, has been returned,
- File a Contract Assessment Report, SPD-CP019, with the contract administrator, and
- Provide the contract administrator with the appropriate material from the project manager’s file for inclusion in the official contract file.