Many times the closeout of a federal contract can take years, especially with the backlog at the DCAA today in auditing Incurred Cost Reports to determine final indirect billing rates. This delay in closeout of a contract can be a problem for a contractor, sometimes resulting in a delay in collecting all the money due to them. It also can cause issues with determining final billing rates from data that is several years old. In certain situations there is an alternative path. This is called the Quick Closeout procedure.
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