Introducing Project Procurement Management - Performing Contract Closure

5 important questions on Introducing Project Procurement Management - Performing Contract Closure

What do we mean with contract closure?

  • Administrative closure of the contract with the purpose to confirm that the obligations of the contract were met as expected,
  • The process of confirming that the work was finished according to the contract.

What review steps should be taken as part of the reviewing of contract documentation process step?

  • Review of the details of the contract
  • Review schedules of procured work
  • Review of documentation that the seller has created and provided
  • Review of financial documentation, invoices, and payment records
  • Results of contractual inspections.

What is the intent of auditing the procurement process?

To learn what worked and what did not during the procurement process. The documentation of this should be recorded as part of the records management system, which will become part of the organizational process assets.
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What do we mean with negotiated settlements?

How to deal with negotiations around contract thats have been terminated.

What is a contract file?

A contract file is a complete indexed set of records of the procurement process and is is incorporated into the administrative closure process. These records include financial information on the performance and acceptance of the procured work.

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