C
Contract Closure
(Context: General, Project Management)
ITRM - The process of terminating contracts with external organizations or businesses.
These contracts may be vehicles for providing technical support, consulting, or any number of services supplied during the project that the agency decided not to perform with internal resources. Contracts can be brought to closure for a variety of reasons, including contract completion, early termination, or failure to perform. Contract closure is a typical but important part of project management. It is a simple process, but close attention should be paid so that no room is left for liability of the agency.
PMBOK - The process of completing and settling the contract, including resolution of any open items and closing each contract.
Reference:
ITRM - Project Management Guideline Section 5 - Project Closeout