Certified Contract Management Associate Practice Test

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What is identified as a post-award competency?

Negotiate
Track compliance
Document contractual disagreements
Close out contracts

The correct answer is: Close out contracts

The post-award phase of contract management involves activities that occur after the contract has been awarded and is focused on ensuring that the terms of the agreement are fulfilled effectively and efficiently. Closing out contracts is a critical competency in this phase because it encompasses several important tasks, including confirming that all obligations have been satisfied, obtaining final deliverables, ensuring all payments have been made, and documenting the lessons learned from the contract execution process. This competency ensures that there is a formal conclusion to the contract, minimizing any potential liabilities or misunderstandings moving forward. On the other hand, while negotiating, tracking compliance, and documenting contractual disagreements are important skills in the overall contract management lifecycle, they mostly take place before and during the contract execution rather than strictly in the post-award phase. Therefore, closing out contracts stands out as a specific post-award competency, emphasizing the necessity of proper finalization and evaluation of contracts.