text: From a Contractor's Perspective:\n\nContract closeout is the period between Substantial Completion and Final Completion. E.g. from the time that the building is complete & open (Certificate of Occupancy), to the time that all remaining items are complete and all outstanding monies are paid.\n\nContract closeout is usually tying up all the minor loose ends in a contract required in order to get the remaineder of funds released to you, and to call the contract complete, with no outstanding obligations.