ProPM Logo About ProPM Initiate and Close Integration Management Quality Management PMBOK ITTO Dictionary      
Process Benefits Plan management Scope Management HR Management Input / Output Menu      
Process Inputs Plan execution Time Management Communications Management Input Menu      
Tools and Techniques Execute Cost Management Procurement Management Tool and Technique Menu      
Process Outputs Monitor and Control Risk Management Stakeholder Management Output Menu      
ProPM Logo Close Procurements    
ProPM Logo                

The Close Procurements process consists of completing each procurement.

The key benefit of closing procurements is that it documents;

  • Agreements
  • Related documentation

For future reference

Close procurements involves administrative activities such as;

  • Finalizing open claims
  • Updating records to reflect final results
  • Archiving such information for future use

Closing procurement is performed for each contract applicable to the project, or project phase;

  • Unresolved claims may be subject to litigation after closure
  • Contract termsĀ  & conditions can prescribe specific conditions for agreement closure

Closing procurements supports the Close Project or Phase process;

  • By ensuring contractual agreements are completed or terminated

Early termination of a contract is a special case of procurement closure;

  • Can result from a mutual agreement by both parties
  • From the default of one party
  • For the buyer's convenience, if provided for in the contract.
    • Buyer may have this right based in terms & conditions
      • Whole or part of the contract
      • At any time
      • For cause or convenience
    • Terms & conditions may likewise dictate the buyer compensate the seller;
      • For the seller's preparations
      • For any completed & accepted work;
        • Related to the terminated part of the contract

The rights & responsibilities of the parties in event of early termination;

  • Contained in termination clause of contract
ProPM Logo    
ProPM Logo    
ProPM Logo    
Procurement Managment          
Initiate and Close          
Close Procurements          
Process Inputs          
Project Management Plan          
Procurement Docs.          
Tools and Techniques          
Procurement Audits          
Procurement Negotiations          
Records Mgmt. System          
Process Outputs          
Closed procurements          
Org. Proc. Assets updates          
Process Benefits          
Closing procurements officially documents all agreements and related documentation for future reference.          
ProPM Logo    
ProPM Logo    
ProPM Logo    
ProPM Logo    

© 2014-2019

Follow ProPM on facebook

facebook icon