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ProPM Logo Close Procurements    
   
   
   
   
   
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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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
           
   
   
   
   
   
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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.          
         
         
         
         
         
         
         
         
           
           
   
   
   
   
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