Contract Closeout Tab
Use this tab to assign a closeout format to the contract. The format contains a checklist of tasks, activities, and other information that need to be addressed or completed during the contract closeout process.
A contract closeout occurs when all terms of a contract have been met and final payments have been made.
You can assign multiple closeout formats to a single contract record. However, duplicate format IDs cannot be linked to the same contract. If a format's closeout checklist is no longer applicable, you may replace or delete the format associated with the contract.
On this tab, you can assign closeout tasks to another employee, mark the task as Completed, and indicate the completion date. Additionally, you can specify supplementary information such as disposition of classified materials, inventions, or patents, and other issues related to the contract. At the end of the process, you can sign off the closeout and indicate the signoff date.
Before using this tab, review system-defined closeout details or create your own closeout descriptions and formats on the following screens:
- Manage Closeout Descriptions: Use this screen to enter, view, and manage closeout descriptions, tasks, or activities that need to be completed when the closeout is performed. Several Costpoint-defined closeout codes automatically load on this screen and can be used on the Contract Closeout tab, but you can also add your own closeout codes and descriptions.
- Manage Closeout Formats: Use this screen to define formats that you can use to track the tasks and other activities needed in the closeout process. Two Costpoint-defined closeout formats are already available on this screen, but you can also add your own closeout formats and customize the closeout checklist.
Once you select a closeout format, the closeout descriptions assigned to the format will display on the Closeout Details subtask available on this tab. Only descriptions assigned to the format via the Manage Closeout Formats screen display on the subtask. You cannot add a closeout task to the format on the subtask.
Contents
| Field | Description |
|---|---|
| Closeout Format ID |
Enter, or click
Only formats that are available in the lookup can be used for new records in Manage Contracts. Once you select a closeout format, Costpoint populates the Closeout Details subtask with the tasks or closeout descriptions assigned to the format. If you have already saved the contract record and you change the format, Costpoint displays a warning message letting you know that this action will clear the fields on the Closeout Details subtask. You can click OK to proceed with your action or you can click Cancel. If you clear this field and do not select a replacement format ID, Costpoint will also clear and disable the fields in the Closeout Checklist group box. |
| Closeout Description | This field displays the description of the closeout format ID. |
| All Subcontracts Closed? |
This field indicates whether all subcontracts linked to the contract have been marked as paid and closed. This status is determined by the selection of the Final Acceptance checkbox on the Subcontract Closeout tab in Manage Subcontracts for each associated subcontract. This field displays a hyperlinked Yes or No value. When you click the link, Costpoint opens the Subcontracts subtask, where you can view the subcontract records tied to the contract. |
to select, the closeout format that you want to use for the contract. Valid values are only those that exist on the Manage Closeout Formats screen. To display in the lookup, formats must have the following set up in Manage Closeout Formats:
Subtask
| Subtask | Description |
|---|---|
| Closeout Details | Use this subtask to manage contract closeout activities, including task tracking and notifications, employee signoff, and final acceptance. |