Close Out

In contract management, the final stage of a project is the close out, involving all the administrative, legal and financial processes needed to bring the contract to an end. These processes include ensuring that the contractor has fulfilled their obligations, that all financial liabilities have been resolved, that the performance of the contractor has been recorded, that any outstanding claims have been identified, and that the rights and obligations of the parties in respect of ongoing liabilities such as latent defects have been recorded and executed as per the terms of the contract.

« Back to Glossary Index

Discover the world’s largest Glossary of Procurement terms

With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.