What actions are taken during the 'Close Contract' phase?

During the 'Close Contract' phase, settling unresolved disputes is a crucial action taken. This phase serves as the final step in the contract lifecycle where all contractual obligations are reviewed to ensure that they have been met by all parties involved. This includes identifying and addressing any disputes that have emerged throughout the course of the contract.

Resolving disputes ensures that both parties find a satisfactory conclusion to their involvement, which can prevent future issues and facilitate a smoother transition to the next phase of the relationship. This step is particularly important as it can help both parties to maintain a positive relationship for potential future interactions or contracts. Addressing disputes may also involve negotiations or discussions to clarify interpretations of the contract terms, ensuring that all parties feel their concerns have been acknowledged and addressed appropriately.

In contrast, establishing new terms, promoting contract renewals, or collecting contract submissions are not primarily actions associated with the Close Contract phase. These activities occur at different points in the contract lifecycle, rather than at its conclusion.