what is meant by : Contract Closeout ? from project management point of view?

Answer 1

From a Contractor's Perspective:

Contract 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.

Contract 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.