What is NOT a requirement for contract closeout?

Changing the payment terms is not a requirement for contract closeout because contract closeout primarily focuses on the completion of the contractual obligations defined within the agreement. This stage generally includes verifying that all terms have been fulfilled, ensuring that there are no outstanding issues or discrepancies, and formally concluding the contract.

During closeout, the emphasis is placed on activities such as reviewing data for accuracy, identifying any excess funds, and completing a contract audit to confirm that all contractual obligations have been met satisfactorily. However, altering the payment terms at this stage would contravene the concept of a closeout, as it implies ongoing changes to the contract rather than its finalization. Therefore, changing payment terms is outside the scope of what is normally involved in closing out a contract.