During which phase does contract closeout typically occur in a project?

Contract closeout typically occurs during the closing phase of a project. This phase is crucial for finalizing all project activities and ensuring that all aspects of the project are completed satisfactorily. During contract closeout, the project manager and the team review the contracts to ensure that all obligations have been met, all deliverables have been completed, and any outstanding payments or finalizations are processed.

Additionally, this phase often involves obtaining formal acceptance from stakeholders, conducting post-project evaluations, and documenting lessons learned. Closing is not just about wrapping up the project but also encompasses ensuring that all contractual agreements have been fulfilled so that the organization is protected and that stakeholders are satisfied with the outcomes. Thus, it is essential that this step is completed thoroughly to maintain professionalism and mitigate potential disputes in the future.