Common use of Closeout Process Clause in Contracts

Closeout Process. Closeout occurs when all required project work and all administrative procedures described in Title 23 (or 49 C.F.R. Part 18 or Part 19, as applicable) are completed, and the Government notifies the Grantee and forwards the final Federal assistance payment, or when the Government acknowledges ▇▇▇▇▇▇▇’s remittance of the proper refund. Within 90 days of the Project completion date or termination by the Government, the Grantee agrees to: (1) submit a final Federal Financial Report (SF-425), a certification or summary of project expenses, and third-party audit reports; and (2) provide a report on the final scope of work, schedule, and budget compared against the scope of work described in section 2.1, the Project’s Schedule Summary in section 2.2, and the Project’s Budget Summary in section 2.3.

Closeout Process. Closeout occurs when all required project work and all administrative procedures described in Title 23 (or 49 2 C.F.R. Part 18 or Part 19200.343-.345, as applicable) are completed, and the Government notifies the Grantee Recipient and forwards the final Federal assistance payment, or when the Government acknowledges ▇▇▇▇▇▇▇Recipient’s remittance of the proper refund. Within 90 days of the Project completion date or termination by the Government, the Grantee Recipient agrees to: (1) submit a final Federal Financial Report (SF-425), a certification or summary of project expenses, and third-party audit reports; and (2) provide a report on the final scope of work, schedule, and budget compared against the scope of work described in section 2.1, the Project’s Schedule Summary in section 2.2, and the Project’s Budget Summary in section 2.3.