How do you handle contract closures and final payments

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Closing out contracts and handling final payments can sometimes be tricky. What’s the best approach to making sure everything is settled smoothly?
Mar 19 in PMP by Parshvi
• 3,660 points
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1 answer to this question.

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Proper contract closure ensures financial and legal compliance. My approach includes:

  • Reviewing Contractual Obligations – Ensuring all deliverables and milestones have been met.

  • Verifying Stakeholder Approval – Securing formal sign-off before final payments.

  • Handling Final Invoices – Completing financial reconciliation and approval processes.

  • Assessing Vendor Performance – Evaluating external partners for future projects.

  • Maintaining Final Documentation – Storing contracts, invoices, and closure documents for audit purposes.

A well-managed contract closure ensures a seamless financial wrap-up and prevents disputes.

answered Mar 25 by Naira

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