What is the sole competency listed under the Close Contract domain?

The sole competency listed under the Close Contract domain is focused on the process of officially concluding a contract after all obligations have been fulfilled by both parties. Closing out a contract involves ensuring that all terms, deliverables, payments, and obligations have been met, and it typically includes verifying compliance with contractual terms and documenting the completion of the contract.

This process is crucial because it establishes a formal end to the contractual relationship and allows for a review of performance while capturing any lessons learned for future contracts. This competency is essential for contract managers to effectively manage the transition from the performance phase to completion, ensuring that all aspects are properly addressed and that both parties leave the relationship with a clear understanding and documentation of the outcomes.

In contrast, the other options refer to different aspects of contract management rather than the specific competence of closing out contracts. Evaluating contract performance involves assessing how well the terms of the contract were met, conducting audits relates to checking compliance and financial accuracy throughout the contract's lifecycle, and reviewing modifications pertains to assessing changes made to the contract during its performance. While all these skills are important in contract management, they do not represent the specific focus of the Close Contract domain.