Closing a contract

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KaurP
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Posts: 94
Joined: Wed Apr 04, 2018 4:08 am

Closing a contract

Postby KaurP Tue Jun 19, 2018 12:05 pm

Hi,

I am looking to get some more clarity on Close procurement (output of control procurement) and Closing a process or Phase/Contract how are they different in terms of a contract?

Close Project or Phase is the process of finalizing all activities for the project, phase, or contract.
Contract gets closed in control procurement process and in closing PM verifies that it is closed and all project files and procurement documents are complete. Did I get this right?

PMBOK6-
Activities related to the completion of the contractual agreements applicable to the project or project phase such as:
Confirming the formal acceptance of the seller’s work,
[b]Finalizing open claims,
. - Don't they get finalised in Control Procurement at the time of procurement closure?
Updating records to reflect final results, and
Archiving such information for future use.
[/b]


Can you also elaborate how the below mentioned two activities are part of close project or phase-
Actions and activities necessary to satisfy completion or exit criteria for the phase or project such as:

1.Reassigning personnel; - Reassigning personnel to what? Does it mean releasing resources once work is done?

'Release resources as work is completed' falls under Close Project or phase. isn't it?
Rita Process game shows it under Executing phase.


2. Reallocating project facilities, equipment, and other resources; and


Thanks!
manishpn
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Posts: 2577
Joined: Sat Jan 04, 2014 3:55 pm

Re: Closing a contract

Postby manishpn Sat Jun 23, 2018 2:35 pm

KaurP wrote:Hi,

I am looking to get some more clarity on Close procurement (output of control procurement) and Closing a process or Phase/Contract how are they different in terms of a contract?

Close Project or Phase is the process of finalizing all activities for the project, phase, or contract.
Contract gets closed in control procurement process and in closing PM verifies that it is closed and all project files and procurement documents are complete. Did I get this right?

PMBOK6-
Activities related to the completion of the contractual agreements applicable to the project or project phase such as:
Confirming the formal acceptance of the seller’s work,
[b]Finalizing open claims,
. - Don't they get finalised in Control Procurement at the time of procurement closure?
Yes the aim is to have no open claims by approving the invoices from seller periodically, however there can be some cases where the invoices have not been settled due to difference of opinion etc, such claims should be finalized before closure
Updating records to reflect final results, and
Archiving such information for future use.
[/b]


Can you also elaborate how the below mentioned two activities are part of close project or phase-
Actions and activities necessary to satisfy completion or exit criteria for the phase or project such as:

1.Reassigning personnel; - Reassigning personnel to what? Does it mean releasing resources once work is done?
In projectized organization PM helps re assign resources to other projects, whereas in matrix organization you assign resources to parent line organization
'Release resources as work is completed' falls under Close Project or phase. isn't it?
Rita Process game shows it under Executing phase.

You can also release project throughout the lifecycle of the project, however most of itis done under close project or phase


2. Reallocating project facilities, equipment, and other resources; and


Thanks!
Br,
Manish P
PMP, PMI - ACP, SAFe Agilist
http://www.izenbridge.com/blog/7-effect ... ification/

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