SAB11#148_Procurement_Closing

1. the lessons learned and look for anything that went right or wrong.

1. Past project managers stored their contracts and other documents in the records management system.

Annotations:

• + copy of the formal acceptance that you gave to the seller

Annotations:

• The way you close out a contract is by giving notice—a formal written one—

1. sure that all of the terms of the contract have been met and there are no outstanding claims on it

Annotations:

• + whether a procurement or contract is closed.

1. When a contract is completed.
2. When a contract is terminated before the work is completed.

   Annotations:

   • + The buyer may terminate a contract for cause if the seller breaches the contract +The buyer can also terminate the contract before the work is complete because they no longer want the work done (termination for convenience)
   • They may also be subjected to claims from the buyer for damages. In any case, termination is a serious issue, and one that has lasting effects on the project
   1. termination for convenience

      Annotations:

      • +the seller is paid for work completed and work in process
   2. terminated for default (breaches the contract)

      Annotations:

      •  the seller is generally paid for completed work but not for work in process