The term contract closure refers to the process of completing all tasks and terms that are mentioned as deliverable and outstanding on the initial drafting of the contract, In order for a contract to be ultimately and conclusively closed, the seller must have completed all components of his deliverable. The products, services, or other items that he was responsible for delivering must in fact have been completed in a sufficient fashion in regards to quality of product and also must have been delivered on time (or as per an extension that was agreed upon by all parties). The buyer must have accepted the deliverable and agreed that they were delivered as promised with in the contract. Also, the buyer must have completed the financial obligations on his end. All payments, including any final post-deliverable payment, must have been received by the seller, before a contract can officially be considered closed.