close-out of procurement contracts

· Identify and discuss the tasks associated with the close-out of procurement contracts.

· Discuss the termination of contractual relationships and settlement of seller claims.

· Explain how to determine if all requirements of a procurement contract have been fulfilled by the buyer and the seller.

· Present a flowchart showing how to properly close-out a contract.

· Discuss how invoices that have not been submitted by vendors or that have been submitted by vendors but not yet paid should be handled.

· Address these three questions listed in the “procurement management conformance” (Westland, 2007) checklist found on page 213 of the book “Project Management Life Cycle:  A Complete Step-by-Step Methodology for Initiating, Planning, Executing and Closing a Project Successfully” (2007) and reflect on the importance of asking these questions when closing procurement contracts and completing the project.

· Was a formal process undertaken to select preferred suppliers?

· Was the supplier evaluation process undertaken in a fair manner?

· Were detailed contracts signed with all suppliers?

Support your paper with a minimum of five scholarly resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.

Length: 10-12 pages, not including title and reference pages. The flowchart will count toward the 10-12 page requirement. 

References: Include a minimum of five scholarly resources.