The Process Involved When Closing a Project

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The Process Involved When Closing a Project:

The processes involved when closing a project

  • Administrative Closure
  • Contract Closure
  • Final Deliverables
  • Organizational process updates

Administrative Closure Procedure: This procedure addresses the formalities required to close a project. Documentary acceptances, documentation of project files, closure documents, recording and updating historical information are attended to during this process.

  • Contract Closure Procedure
  • Final Deliverable
  • Organizational Process Updates

The process of closing out a contract

Closing out a contract involves both internal and external contracts. Delivery of products or services during the project is taken and corresponding contracts completed. Internal contracts include any utility, services or products supplied by a corresponding concern. For example a construction unit may supply the need of steel from a sister unit that manufactures steel.

The difference between closing an internal contract and an external contract is the human factor involved, or there could be a different set of instructions for each. The term human factor describes the distinctions in culture between the vendor and the set up in acquiring the resource. The nature of contracts, terms regarding costs and revenue sharing may have different frameworks.

When closing a contract, the following will be noted:

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