1. The process of completing each project procurement
12.4 Close Procurements
The process of completing each project procurement
Part of the overall Close Project Phase
Involves the administrative activities related to claims, change requests and final procurement results
Includes either the completion of each contract or the handover of contracts for on-going administration for the life of the product or service that has been purchased
Early termination of a contract is a special case of procurement closure and can occur by mutual agreement or when either the buyer or seller fails to meet agreed terms and obligations
Legal action can occur on unresolved claims
even after the contract has been closed
Occurs during Close
Initiation
Planning
Execution
Close
Monitor
Control
Adapted from PMBOK 5th Edition

2. 12.4 Close Procurements Inputs to Close Procurements
Procurement Documents
Project Management Plan
Contract
Tools and techniques to Close Procurements –
Records
Management
System
Procurement
Audits
Negotiated
Settlements
Adapted from PMBOK 5th Edition

3. Tools and Techniques Procurement Audits
A structured review of the procurement process that may have been specified in the Plan procurements process and then carried out during Administer Procurements and Close Procurements
The objective is to identify successes, failures and lessons learned
Negotiated Settlements
Final equitable settlement of all outstanding issues, claims and disputes
Direct negotiation between the buyer and seller is preferred, if not possible then mediation, arbitration or legal action may be required
Adapted from PMBOK 5th Edition

4. Tools and Techniques Record Management Systems
Used by the Project Manager to manage contract and procurement documentation and records
Contains a retrievable archive of all contract documentation, correspondence and performance reports
Adapted from PMBOK 5th Edition

5. 12.4 Close Procurements Outputs of this process include –
Closed Procurements
Formal written notice of contract completion
Contract closure performed as per terms and conditions of the contract and the Procurement Management Plan
Organisational Process Assets
Procurement File
Deliverable Acceptance and Sign Off
Lessons Learned documentation
Adapted from PMBOK 5th Edition