The PO Closeout Process begins near the end of a subcontract’s life; when the subcontract is physically complete (the subcontractor furnished the goods and/or services to LBNL specified in the subcontract).
The Simple Closeout Process can be used to close fixed-price subcontracts that do not involve property, patents, and other closeout activities. The subcontract can be closed as soon as it is physically complete / received and the final invoice is paid.
The Formal Closeout Process is used for more complex subcontracts and includes additional activities to ensure that the subcontractor has fulfilled all of its contractual obligations. Procurement’s Closeout Checklist contains closeout activities and forms that must be completed before a PO can be closed.