Template for Formal Acceptance and Closure

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Formal Acceptance and Closure

Definition: The person or organization responsible for contract administration should provide the seller with formal written notice that the contract has been completed. Requirements for formal acceptance and closure are usually defined in the contact.

Acceptance Level: 
Generally accepted

Alternative or Related Terms: Contract closeout

Application Areas/Intended Uses: Formal acceptance and closure are the output of the contract closeout process.

Chief Advantages: Formal acceptance and closure preclude misunderstanding and ambiguity regarding the satisfactory fulfillment of the terms of the contract.dbvdbv