“Closing a Procurement: A Comprehensive Procedure for Contractual and Administrative Closure” Introduction: As a project manager, it is crucial to have a well-defined procedure for closing a procurement both contractually and administratively. This process ensures that

Respond to the attached discussions
background information provided below:
The Situation: Most relationships between different business entities are based on negotiated agreements, also called contracts. These are legal documents that bind each party to perform in accordance with the agreement. You are the project manager of an organization. You are responsible for closing a vendor’s agreement and administrative closure of the procurement.
The Assignment: Develop a procedure to close a procurement both contractually and administratively. Your response should be a minimum of 500 words, and portions can be in bulleted/outline format. Include at least three credible references in addition to the PMBOK® Guide with at least one of these being a peer-reviewed journal article. Properly cite your response.