loader image
Skip to main content
If you continue browsing this website, you agree to our policies:
x
Completion requirements

This chapter focuses on the key activities that take place during the project closure phase. Pay attention to contract closeout, final payments, releasing the team, and post-project evaluations. These help ensure that the project met the goals and objectives of the stakeholders.

Final Payments

The final payment is usually more than a simple percentage of the work that remains to be completed. Completing the project might involve fixing the most difficult problems that are disproportionately expensive to solve, so the final payment should be large enough to motivate the vendor to give the project a high priority so that the project can be completed on time.

If the supplier has met all the contractual obligations, including fixing problems and making repairs as noted on a punch list, the project team signs off on the contract and submits it to the accounting department for final payment. The supplier is notified that the last payment is final and completes the contractual agreement with the project.