A Close-out is a work process to finalise all activities of the project at the end of the project including hand-over the facilities and documentations to the client according to the contract terms and conditions. The Project Close-out activities include the preparation and development of project completion report (e.g., project histories and performance analysis with relevant raw data); project financial close out activities; archive project information to the company organisation; appraisals and demobilise project members. Any minor open issues including agreed punch works can be performed during a turn-around work period, any minor unsolved claims with other parties, and remaining financial follow-up activities such as a final payment to be paid after expiring of the warranty period, and bond returns, etc., can be handed-over to the company dedicated team.
Related Definitions in the Project: The Project Management; Construction; Operation and Maintenance
