What is defined by activities that take place when the contract is about to end?

The term that refers to activities taking place as a contract is nearing its end is contract completion. During this phase, parties review the performance of the contract, ensure that all terms and conditions have been met, and address any outstanding obligations. This may involve formal closure procedures such as final inspections, acceptance of deliverables, and processing final payments.

Contract completion is crucial for ensuring that all parties fulfill their contractual commitments, which helps in avoiding disputes and maintaining relationships moving forward. It signifies the transition from active management of the contract to finalizing it, marking the successful conclusion of the procurement process.

Contract design pertains to the initial phase where the agreement's framework is developed, while contract administration involves the ongoing activities throughout the contract's life cycle to manage its execution. Contract procurement typically refers to the process of acquiring goods and services, not specifically the ending phase of a contract. Understanding these distinctions highlights why contract completion is the appropriate choice for describing activities occurring as a contract nears its conclusion.