Closing procurements involves completion and settlement of each contract, including resolution of any open items.
Closing procurement is the process of completing each procurement. For the future reference, this process documents agreements and related documentation, it also includes resolution of any open items. Thus, if it is not necessary for the project, there is no need for the closing procurement process.
Procurements are only closed when a contract is completed or when a contract is terminated before the work is completed. Tools which are needed to assist in closing procurement include record management system, procurement audits, and negotiated settlements.
Hence, closing procurement involves the completion and settlement of contracts and resolution of any open items.
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