Project Procurement Management - Close Procurements

This process completes each procurement. It documents agreements and related documentation for future reference. It involves administrative activities such as finalizing open claims, updating records to reflect final results and archiving this information.

Early termination of a contract is a special case of procurement closure that can result from a mutual agreement, default of one party, or convenience of the buyer if provides for in the contract.

Let's take a look at the Inputs, Tools and Techniques, and Outputs of this process.

1) Project Management Plan

• Contains procurement management plan which describes the details and guidelines for closing out procurements

2) Procurement Documents

• Documents are collected, indexed, and filed. 

3) Procurement Audits

• A structured review of the procurement process originating from the Plan Procurement Management process through Control Procurements. 
• It identifies successes and failures that warrant recognition for other procurement contracts

4) Procurement Negotiations 

• Final goal is equitable settlement of all outstanding issues, claims, and disputes. 

5) Records Management System

• Used by the project manager to mange contract and procurement documentation and records. 

6) Closed Procurements

• The buyer provides the seller with formal written notices that the contract has been completed. 

7) Organizational Process Assets Updates

• Procurement file
• Deliverable acceptance
• Lessons learned documentation

Source: PMBOK 5th ed.