This article identifies the doctrinal, jurisprudential, and constitutional precepts related to the liquidation of state contracts or agreements in Colombia in the legal opportunities, and the legal effects of the liquidation outside the established maximum limit in contracts with correlative benefits, such as those of a state nature. A documentary review was carried out taking as a reference point the legal, doctrinal, and jurisprudential precepts. It was found that the terms to carry out the liquidation of state contracts or agreements in Colombia are preclusive, therefore, if it does not take place within them, the State Entity loses the competence to liquidate the contract. The competence with which an entity is vested to liquidate a state contract unilaterally or bilaterally is lost when the term of expiration for the filing of the claim in exercise of the means of control of contractual disputes has expired or when the advisory order of the claim seeking the liquidation of the contract has been notified. In case of exercising such competence extemporaneously, the bilateral or unilateral acts in which the contract is liquidated would be vitiated of illegality and would be susceptible of being declared null and void by the judge, and generate legal effects attributed by the Honorable Colombian Council of State.   Received: 8 September 2022 / Accepted: 13 February 2023 / Published: 5 March 2023