Closing procurements

The process by which contracts are closed out depends on the contract/agreement type, your organizational processes for procurement, and the terms and conditions stated in said contract/agreement. Procurement closure can happen at any time in the project, and this hopefully is because the work was done correctly and the seller’s piece is completed. Early termination could also occur if the project is cancelled, or the buyer or seller breached agreement. Either way, the assumption on the exam is that contracts need to be closed out before the phase or project can be closed out. I know we had some payment structures that were met 30, 60, 90 days out past the work being completed. I’m not suggesting we wait around for all of that to happen before we close out a project and work on something else. Quite the contrary. We need to make sure all work...