From the course: Supply Chain Foundations: Strategic Contract Management
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Closing the contract
From the course: Supply Chain Foundations: Strategic Contract Management
Closing the contract
- [Instructor] Closing a business contract is much like closing out a project. When each contract is finished, there are three essential aspects that must be addressed. First, you must ensure that all deliverables were met. This often requires a final communication with the key stakeholders to ensure you have met all their expectations. Next, verify that the final payment has been made to the seller. Getting paid on time is very key to the seller's view of a successful contract. For your future contracts, you want good suppliers to continue doing business with you. The third aspect is to communicate performance results to the supplier. Perhaps this has been done throughout the contract at key milestones or deliverables, but a final assessment is important for all contracts. But effectively closing the contract should involve more than these three basics. You want to close out this contract in a manner that will help you to learn from mistakes and successes so that future contracts are…
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