A Close-Out Agreement is a legal contract between parties implementing a project. It outlines the final steps, responsibilities, and terms for formally closing a project. This agreement is typically created during the project closure phase, which occurs after all project deliverables have been completed, and the project is ready to be concluded.
In essence, a close-out agreement allows parties to terminate and settle their obligations under multiple tasks and transactions and helps ensure that there is clarity and consensus among all stakeholders regarding the conclusion of the project. They provide a structured framework for finalizing project activities, settling any outstanding matters, and formally ending the project engagement.
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