Nope. You just get paid for what you've done and haven't billed yet (some other circumstances as well, but that's basically it.) I've seen it happen more than once.

Agreed, I was over simplifying, but my overall point still stands. Once they agree on closeout terms, contract is done.

Sorry, you folks are all wrong. Every government contract has an out that allows for termination for the "convenience of the government". No recourse possible. Everyone who's ever managed a government contract or task order knows this.

Paint spinner set. Trust me on this.