Administrative closeout includes the updating and finalization of records.
The goal of a procurement audit is to review the successes and failures of the procurement process in order to transfer the knowledge gained to other procurements.
The requirements for formal contract closeout are defined in the contract terms and conditions.
The person responsible for contract administration should provide formal acceptance to the seller in writing.
The criteria necessary to ensure project closure are formal customer acceptance and meeting the requirements of the delivering organization.
Lessons learned should be documented throughout the project lifecycle.
Administrative closure should be performed at the end of each phase in a project.