What is the twelfth stage of the CIPs Contract Management cycle?

The twelfth stage of the CIPS Contract Management cycle is contract closure. This stage is critical as it marks the formal completion of a contract. During this phase, the parties involved ensure that all obligations have been fulfilled and any final payments, adjustments, or rectifications are made before formally ending the contract. It often involves a review of the contract's performance, resolution of outstanding issues, and documentation of lessons learned.

Contract closure provides an opportunity to reflect on the contract's successes and challenges, ensuring that both parties have a clear understanding of what has been achieved and can improve future contract management processes. By effectively closing contracts, organizations can minimize disputes, maintain positive relationships with suppliers, and prepare for future negotiations with a clearer understanding of past experiences.

In this context, while other stages like supplier performance review, asset management, and risk assessment are important components of the contract management process, they do not represent the final closure of the contract itself, which is the key aspect of the contract closure stage.