Which phase of the contract life cycle includes verifying contract requirements are satisfied?

The correct answer identifies the Close Contract phase, which plays a crucial role in finalizing the agreement and ensuring all contract obligations have been met. This phase focuses on the evaluation of both parties' performance against the contract terms, allowing for verification that all requirements and deliverables outlined in the contract have been satisfied.

During the Close Contract phase, a comprehensive review is conducted, which may involve auditing deliverables, confirming completion of services, and assessing compliance with specified requirements. It is a critical step to ensure that all activities are finalized, and it provides an opportunity to address any outstanding issues or disputes that may have arisen during the contract's execution.

In the context of contract management, verifying that requirements are satisfied ensures that both parties meet their obligations and can help in documenting lessons learned and performance outcomes for future contracts. This verification is fundamental to successfully concluding the contract and protecting the interests of both the buyer and seller.