If the project cannot be rescued, document the situation and communicate it to all stakeholders. Include a summary of the status, along with any alternatives you considered, and your recommendations for the timing and staffing of project closure. If appropriate, document the requirements for possible later resumption of the project.
Get approval for cancellation, and bring the work to a logical conclusion. Complete administrative closure:
Document the results that have been achieved.
Capture lessons learned and clearly describe the situation that resulted in early termination.
Archive the project data in your project management information system.
Close out project contracts and complete any financial requirements. ...