PROCUREMENT CLOSING PROCEDURES FOR CONTRACT

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 1. Review Contract Terms: Before initiating the closing process it is important to review the contract terms and ensure that all parties have met their obligations as stated in the agreement.


2. Performance Evaluation: Evaluate the performance of the contractor against the agreed-upon deliverables and specifications. Ensure that the contractor has fulfilled their obligations satisfactorily.

3. Final Inspections: Conduct any necessary final inspections or quality checks to ensure that the goods or services delivered are in compliance with the contract requirements.

4. Documentation: Prepare all final documentation required to officially close the contract. This may include acceptance certificates delivery notes performance reports and any other relevant paperwork.

5. Obtain Final Signatures: Collect the final signatures from all parties involved to acknowledge the successful completion of the contract. This may involve obtaining signatures from both the procurement team and the contractor's representatives.

6. Dispute Resolution: If any disputes or issues have arisen during the contract term resolve them through negotiation mediation or other appropriate means before proceeding with the closure.

7. Financial Settlement: Ensure that all financial matters related to the contract are settled including payment of any outstanding invoices reimbursement of expenses and resolution of any financial claims or disputes.

8. Contract Review: Conduct a comprehensive review of the contract's performance cost and outcomes. Identify any lessons learned or areas for improvement in future procurement processes.

9. Contract Archiving: Safely store and archive all contract-related documentation for future reference and compliance purposes. This includes both electronic and physical copies as required by organizational policies.

10. Close out Report: Prepare a closeout report summarizing the contract's overall performance achievements and lessons learned. This report can be used to inform future procurement decisions and improve future contract management practices.

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