General. The borrower shall be responsible for preparing the closeout documents with, if necessary, the assistance of the GFR.

Documents required. The following table lists the documents required to closeout the RUS contract Form 515.

Closeout procedure. (1) After construction has been completed in accordance with the plans and specifications, and acceptance tests have been made, the borrower shall arrange the time for a final inspection to be made by the borrower's engineer, the contractor, the GFR and a representative of the borrower.

Final inventory documents. (i) The borrower shall obtain certifications from the engineer that the project and all required documentation are satisfactory and complete. Requirements for these contract closeout certifications are contained in § 1753.18.

The borrower shall prepare and distribute the final inventory documents in accordance with the tables contained in this section. The documents listed for RUS shall be retained by the borrower for inspection by RUS for at least two years from the date of the engineer's contract closeout certification.

When the total inventory price exceeds the maximum contract by more than 20 percent, an extension to the contractor's bond is required.

The borrower shall submit the engineer's contract closeout certification with FRS for the final advance of funds.

Final payment shall be made according to the payment provisions of article III of RUS Form 515, except that certificates and other documents required to be submitted to or approved by the Administrator shall be submitted to and approved by the Owner.