What process ensures that all obligations of the buyer and seller in a contract have been fulfilled?

The correct answer is the process that ensures all obligations of the buyer and seller in a contract have been fulfilled is known as "Close Contract." This process involves a final review and the completion of all contractual requirements, including the settling of outstanding invoices, ensuring that all deliverables have been received and accepted, and formally closing out the contractual relationship.

Closing a contract is critical as it minimizes risks associated with unresolved obligations, confirms compliance with the terms of the contract, and ensures that both parties have met their responsibilities. This step often includes gathering documentation that verifies fulfillment and can sometimes involve audits or evaluations to ensure both parties have adhered to the contract's terms.

While "Close out Contract" might seem similar, it typically refers to specific practices or procedures for terminating a contract but does not include the comprehensive fulfillment verification that closing a contract entails. "Manage Changes" concerns the modifications to the contract during its execution, and "Manage Subcontracts" deals with overseeing subcontractor performance but does not address the overall fulfillment of the main contract's obligations.