Close the contract
Work with your supplier to close the project and review how it went
Why it's important
Closing a contract should begin well in advance of the end date of a specific project. This is so that you can:
- ensure you got what was agreed from your supplier
- pay the supplier
- manage any handover issues
- review how the whole project went
This work may need to be done while you are simultaneously managing an existing contract or starting a new procurement. However, it is a crucial step to help inform future buying decisions.
Closing a contract should begin well in advance of the end date of a specific project. This is so that you can:
- ensure you got what was agreed from your supplier
- pay the supplier
- manage any handover issues
- review how the whole project went
This work may need to be done while you are simultaneously managing an existing contract or starting a new procurement. However, it is a crucial step to help inform future buying decisions.
What it means
There will be a number of administrative steps to carry out with your supplier at contract closure including:
- formal acceptance of deliverables
- payment of invoices
- transfer of data and information
- archiving documents
- providing feedback to the supplier and asking for their feedback
If a service or product delivery is moving to a new supplier you should consider including them in your final few meetings with the existing supplier. This is so that the new supplier can understand how you work and ask any questions before the previous supplier leaves the project.
You should also:
- review the buying process and delivery phase with your team
- analyse how problems could have been overcome or minimised
- suggest recommendations for future contracts
- review whether you need to procure the same product or service again
- plan to avoid any interruption of digital services for end users
Above all you should be able to answer the following questions at the end of a contract:
- did we get what we requested?
- did we get what we actually needed?
- can we see a difference between the two? If yes, can we explain the difference?
There will be a number of administrative steps to carry out with your supplier at contract closure including:
- formal acceptance of deliverables
- payment of invoices
- transfer of data and information
- archiving documents
- providing feedback to the supplier and asking for their feedback
If a service or product delivery is moving to a new supplier you should consider including them in your final few meetings with the existing supplier. This is so that the new supplier can understand how you work and ask any questions before the previous supplier leaves the project.
You should also:
- review the buying process and delivery phase with your team
- analyse how problems could have been overcome or minimised
- suggest recommendations for future contracts
- review whether you need to procure the same product or service again
- plan to avoid any interruption of digital services for end users
Above all you should be able to answer the following questions at the end of a contract:
- did we get what we requested?
- did we get what we actually needed?
- can we see a difference between the two? If yes, can we explain the difference?
Do's and don'ts
Do
-
plan well in advance for contract closure
-
ensure that data and technology can be transferred back to you or to a new supplier
-
review both the buying process and delivery phase at the end of the contract
Don't
-
do not close a contract without carefully considering the continuity of services
Do
- plan well in advance for contract closure
- ensure that data and technology can be transferred back to you or to a new supplier
- review both the buying process and delivery phase at the end of the contract
Don't
- do not close a contract without carefully considering the continuity of services