What does the term "Contract Closeout" refer to?

The term "Contract Closeout" refers to the process of finalizing and ensuring that all aspects of a contract have been completed. This includes verifying that all deliverables have been received, ensuring that all contractual obligations have been met, and that payments have been made. It is a critical phase in the contracting lifecycle, as it ensures that both parties to the contract have fulfilled their responsibilities and that the relationship can be formally concluded.

By concluding this process, the organization can ensure that all documentation is complete, any lessons learned are recorded, and contractual records are properly archived for future reference. This helps maintain compliance with regulatory requirements and prepares the groundwork for any future contracts with the same vendor.

The other options, while related to contract management, do not accurately define the closeout process. Preparing a contract for renewal or extension pertains to ongoing relationships, internal audits focus on reviewing costs rather than completing contracts, and negotiating price adjustments relates to contract management during execution rather than closing it.