What is a quick closeout?
FAR 42.708 – Quick-closeout Procedure. Requires the contracting officer responsible for contract closeout to negotiate the settlement of direct and indirect costs for a specific contract, task order or delivery order ready to be closed, in advance of the determination of final indirect rates based on risk assessment.
What are the conditions to be met for a contract closeout?
A Contract Closeout occurs when a contract has met all the terms of a contract and all administrative actions have been completed, all disputes settled, and final payment has been made. This includes those administrative actions that are contractually required; i.e. property, security, patents, and royalties.
What part of the far addresses contract administration?
When a contract is assigned for administration under subpart 42.2, the contract administration office (CAO) shall perform contract administration functions in accordance with 48 CFR Chapter 1, the contract terms, and, unless otherwise agreed to in an interagency agreement (see 42.002), the applicable regulations of the …
What is closeout cost?
Site diffusing cost, junk and waste clearing cost, and other costs related to timely closure of a deal.
What are the three types of government contract terminations?
52.249-1: Termination for Convenience of the Government (Fixed-Price) (Short Form) 52.249-2: Termination for Convenience of the Government (Fixed-Price) 52.249-3: Termination for Convenience of the Government (Dismantling, Demolition, or Removal of Improvements)
What is an important driver to a successful negotiation?
Thorough preparation is the most important prerequisite to effective negotiation. Neither experience, bargaining skill, nor persuasion on the part of the negotiator can compensate for the absence of preparation.
What is the quick closeout procedure in CFR 42.708?
42.708 Quick-closeout procedure. (a) The contracting officer responsible for contract closeout shall negotiate the settlement of direct and indirect costs for a specific contract, task order, or delivery order to be closed, in advance of the determination of final direct costs and indirect rates set forth in 42.705, if –
Who is responsible for the quick closeout procedure?
42.708 Quick-closeout procedure. (a) The contracting officer responsible for contract closeout shall negotiate the settlement of direct and indirect costs for a specific contract, task order, or delivery order to be closed, in advance of the determination of final direct costs and indirect rates set forth in 42.705, if-
When to use quick closeout for a contract?
Cost/FPI/T&M contracts ( any contract requiring settlement of indirect cost rates) – within 36 months All Other contracts (labor hour) – within 20 months Quick Closeout – FAR 42.708 Exceptions: litigation / appeal / termination QUICK CLOSEOUT PROCEDURES FAR 42.708 Contracting officer shall use quick closeout procedure if: 1.
Can a quick closeout be considered a binding precedent?
(c) Indirect cost rates used in the quick closeout of a contract shall not be considered a binding precedent when establishing the final indirect cost rates for other contracts.