Identify and discuss the tasks associated with the close-out of procurement contracts. Discuss the termination of contractual relationships and settlement of seller claims.

  • Identify and discuss the tasks associated with the close-out of procurement contracts.
  • Discuss the termination of contractual relationships and settlement of seller claims.
  • Explain how to determine if all requirements of a procurement contract have been fulfilled by the buyer and the seller.
  • Present a flowchart showing how to properly close-out a contract.
  • Discuss how invoices that have not been submitted by vendors or that have been submitted by vendors but not yet paid should be handled.
  • Identify any three of the questions listed in the “procurement management conformance” (Westland, 2007) checklist found on page 213 of the book “Project Management Life Cycle:  A Complete Step-by-Step Methodology for Initiating, Planning, Executing and Closing a Project Successfully” (2007) and reflect on the importance of asking these questions when closing procurement contracts and completing the project.