Close Procurements

Close Procurements is the process of formally concluding all procurement activities in a project. This involves finalizing contracts with vendors, ensuring all deliverables have been received and meet the required standards, and settling any payments. It also includes evaluating vendor performance and capturing lessons learned for future projects. Essentially, it's about wrapping up all buying activities, confirming that everything has been completed satisfactorily, and documenting the experience to improve future procurement practices. This step ensures that resources were used effectively and that legal and financial responsibilities are settled.