Procurement is necessary for any organization. It is basically the acquisition of services and/or goods from an external source. In a nutshell, you need an external contractor to procure work or products for reasons that you cannot provide it on your own and it is more cost-effective to outsource resources.
Project procurement is completed in sequence but they can also overlap depending on the needs of the project management blueprint. But once the procurement of resources has been completed, closure procurement is necessary.
Close procurement is the process of completing the project procurement to support the close project or a specific phase process. The advantage of close procurement is that it documents all documentations and agreements as future references. It involves different administrative tasks like finalization of open claims, updating of records as well as archiving for future use.
This project management term is considered as close once the contract reaches the deadline, reaches completion or is terminated without the completion of work. It is important to take note that close procurement addresses each contract applicable to the project phase thus if there are many contracts involved, close procurement will only be applicable to a particular contract.
This term is defined in the 5th edition of the PMBOK.