1534 Contract Closeout

Question 1

What is the time standard for closing out contracts under Simplified acquisition procedures

Answer 1

Upon receipt of evidence of physical completion.

Question 2

What is the time standard for closing out Firm fixed price contracts (not using SAP)

Answer 2

Six months after the receipt of physical completion.

Question 3

What is the time standard for closing out contracts requiring settlement of indirect rates

Answer 3

36 months after receipt of physical completion.

Question 4

What form is the “Contract closeout checklist”

Answer 4

DD1597

Question 5

What form is the “Contract completion statement”

Answer 5

DD1594

Question 6

What items are covered by the DD1597?

Answer 6

• All actions definitized
• Subcontracts closed
• All deliverables accepted
• Final patent report
• Royalties report
• Termination/Claims/Disputes
• Litigation resolved
• Warranty resolved
• Government property dispositioned
• Classified dispositioned
• Value Engineering Change Proposals (VECPs)

Question 7

Contract is considered to by physically completed when

Answer 7

o The contractor has completed required deliveries and Government has inspected and accepted
o The contractor has performed all services and Government has accepted
o All options provisions, if any have expired
• OR
o The Government has given the contractor a notice of complete contract termination