Close Contract

Explanation

Use this activity to close the contract. Once all the financial transactions have been completed according to the contract, the status on the contract itself should be changed to Closed.

Once a contract is closed, it is possible to re-open the contract again.

Prerequisites

• The contract must be in the Completed status.
• All financial transactions on the contract must have been completed.
• If Applications for Payment is used:
  • All applications must be in the Cancelled or Fully Paid status. The total paid amount on all applications must be equal to or higher than the total contract sales value.

Note: Contract can be closed even without fully releasing the interim and final retentions.

System Effects

The contract will be set to the Closed status. 

Pages

Sales Contract
Sales Contracts

Activity Diagrams

Finalize Contract