Financial Closeout
/ˌfaɪˈnænʃəl kloʊˌaʊt/
Definitions
- (n.) The final process in a financial transaction or project where accounts are settled and all obligations are officially concluded.
The financial closeout confirmed that all payments and deliverables were completed according to contract.
Forms
- financial closeout
Related terms
See also
Commentary
In contracts and project management, financial closeout ensures all monetary aspects are reconciled to prevent future disputes.
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.