Key Components of Vendor Contract Close Out
Build strong vendor relationships by properly closing out procurement contracts.
Managing vendor relationships is a key element of any successful project, and a major part of that process is managing the conclusion of the contract. In this short course, you will learn techniques to help you plan for contract closure and align your project interests with procurement and legal requirements. You'll examine the signs leading to early contract termination and learn how to approach dispute. In the end, you'll be able to use contract closure to build stronger relationships with your vendors.
Virtual short courses do not include materials or headsets.
This is a virtual short course, specially designed to give you a quick, convenient way to earn PMI PDUs or concentrate on a specialized topic. This course is also part of our PMP® Renewal Program.
What You'll Learn
- Steps to successful procurement management
- Key elements in contract close out
- Approaches to disputes
- Keys to effective vendor audits
- Developing an effective close-out checklist
Who Needs to Attend
PMP-certified project managers, IT project managers, project coordinators, project analysts, project leaders, senior project managers, team leaders, product managers, program managers, project sponsors, and project team members who want to continue to develop their skills and renew their PMP certification.
There are no prerequisites for this course.
There are no follow-ons for this course.
1. Project Procurement Basics
2. Procurement Planning
- Expectations vs. Terms and Conditions
- Closure Plans
- Approaches to Disputes
3. Contract Administration
- Approaches to Monitor Vendor Work
- Vendor Communications
- Managing Change
4. Contract Close Out
- Contract Audits
- Close-Out Checklist
- Handling Follow-On Work