Common use of Contract Closeout Procedures Clause in Contracts

Contract Closeout Procedures. A. The following definitions shall apply for the purpose of this section: 1. Agreement Closeout -- The closeout of an agreement is the process by which the DDOE determines that all applicable administrative actions and all required work of the agreement have been completed by the sponsor. B. The sponsor shall make all records available to the DDOE in a timely manner all records that are requested for review. The DDOE may permit extensions when requested in writing by the sponsor. C. The sponsor will, together with the submission of the final report, refund to the DDOE any unexpended funds or unobligated (unencumbered) cash advanced except such sums that have been otherwise authorized, in writing, by the DDOE to be retained. D. Within the limits of the contract amount, the DDOE may make a settlement for any upward or downward adjustments of allowable funds after the review process is completed. E. In the event a final audit has not been performed prior to the closeout of the agreement, the DDOE retains the right to recover any appropriate amount after fully considering the recommendations. F. The agreement shall account for any property acquired with contract funds or received from the DDOE in accordance with the provisions of the “Property Management Standards” as referenced in Section VII of this Attachment.

Contract Closeout Procedures. A. The following definitions shall apply for the purpose of this section: 1. Agreement Closeout -- - The closeout of an agreement is the process by which the DDOE determines that all applicable administrative actions and all required work of the agreement have been completed by the sponsor. B. The sponsor shall make all records available to the DDOE in a timely manner all records that are requested for review. The DDOE may permit extensions when requested in writing by the sponsor. C. The sponsor will, together with the submission of the final report, refund to the DDOE any unexpended funds or unobligated (unencumbered) cash advanced except such sums that have been otherwise authorized, in writing, by the DDOE to be retained. D. Within the limits of the contract amount, the DDOE may make a settlement for any upward or downward adjustments of allowable funds after the review process is completed. E. In the event a final audit has not been performed prior to the closeout of the agreement, the DDOE retains the right to recover any appropriate amount after fully considering the recommendations. F. The agreement shall account for any property acquired with contract funds or received from the DDOE in accordance with the provisions of the “Property Management Standards” as referenced in Section VII of this Attachment.