What is contract closure?

Contract closure — is the process of officially completing a contract in project management and procurement. It involves verifying the fulfillment of all contractual conditions, confirming acceptance of the results, settling financial issues, and documenting the closure.

Main steps:

• Verification of the fulfillment of all obligations under the contract by both parties.
• Confirmation of acceptance of the delivered goods or services.
• Closure of financial settlements, including payments and resolution of claims.
• Formal documentation of the contract closure.

This is important to minimize risks and ensure transparency in procurement management.