Closeout
/ˈkloʊsaʊt/
Definitions
- (n.) The process of finalizing all terms and completing all contractual obligations under an agreement.
The closeout of the contract was completed after all deliverables were accepted.
- (n.) The final settlement or resolution of a legal or financial matter, including the discharge of outstanding claims.
The closeout of the lawsuit involved payment of damages agreed upon by both parties.
Forms
- closeout
Related terms
See also
Commentary
Commonly used in contract management and project administration to denote formal conclusion of contractual duties.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.