Introduction |
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| Contract close-out is similar to administrative closure in that it involves both product verification and administrative close-out. The contract terms and conditions may prescribe specific procedures for contract close-out. |
12.6.1 Inputs |
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Contract documentation includes, but is not limited to, the contract itself along with all supporting schedules, requested and approved contract changes, any seller-developed technical documentation, seller performance reports, financial documents such as invoices and payment records, and the results of any contract-related inspections.
A procurement audit is a structured review of the procurement process from procurement planning through contract administration. The objective of a procurement audit is to identify successes and failures that warrant transfer to other procurement items on this project or to other projects within the performing organization.
A completes set of indexed records should be prepared for inclusion with the final project records.
The person or organization responsible for contract administration should provide the seller with formal written notice that the contract has been completed. Requirements for formal acceptance and closure are usually defined in the contract.