The closing out, completion, finalizing of a project is a complex process of checks, audits, and reviews. In the area of procurement management the actions taken to close out an individual or multiple procurement actions is time consuming and intricate process of checks and balances to ensure the project team that the good, services, materials, and personnel procured were received, action required accomplished and payment was provided to the contracted party. Many actions may be included in procurement close-out ensuring the project were properly utilized and services, actions and materials were provided in the correct quantity and at the desired time and location.

Signature Assignment: Project Procurement Close-out Plan

The Signature Assignment and reflective discussion should show how you: (a) demonstrate mastery of the course material, and (b) apply this knowledge to the real world. For the Signature Assignment you (project manager) will be developing and assembling a Close-Out Plan for your project.Main Task: Design a Project Procurement Close-out Plan
Write a paper addressing the following:

• Determine and quantify the tasks associated with the close-out of procurement contracts.
• Focus your discussion on termination of contractual relationships and settlement of seller claims as well as the successful completion of a contract.
• Categorize the differences in termination of contracts, settlement of claims, and the proper steps to close a successful contract.
• To explain your project procurement close-out plan provide within the document a diagram that that will recommend your plan for the proper close-out of contract given the categorized differences between, termination, settlement of claims and the proper steps to close-out a successful contract or procurement action.
• Keep in mind many contracts are closed out due to completion of the contract.