Contract Closeout
/ˈkɒn.trækt ˈkloʊ.saʊt/
Definitions
- (n.) The process of finalizing all activities under a contract, ensuring all obligations are met, payments completed, and legal closeout documentation executed.
The contract closeout was completed after all deliverables were accepted and payments disbursed.
Forms
- contract closeout
- contract closeouts
Related terms
See also
Commentary
Contract closeout often requires careful verification of compliance with contractual terms and applicable regulations to avoid future liability.
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.