What is one key factor to ensure during contract closure?

Documenting final deliverables is a crucial component of contract closure. This process ensures that all work completed under the contract is accounted for and meets the agreed-upon specifications. By documenting final deliverables, both parties can verify that all contractual obligations have been fulfilled, which is essential for resolving any potential disputes and for a smooth transition after the project concludes.

The documentation also serves as a record for future reference, providing insight into the project’s outcomes and the performance of the deliverables. This step helps in confirming acceptance from stakeholders and facilitates any necessary follow-up actions or evaluations.

The other options, while they may be relevant to other stages of project management, do not directly address the closure phase of a contract. Securing additional funding is typically part of project initiation or during execution, market research is usually conducted during the planning phases, and reviewing contractor bids is associated with the procurement process. These activities do not pertain to the completion and formal acceptance of project deliverables, which is the focus during contract closure.