The Project Closeout Phase is the last phase in the project lifecycle. Closeout begins when the user accepts the project deliverables and the project oversight authority concludes that the project has meet the goals established. The closing stage of a project comprises all the final processes needed to close out a project and deliver final products and reports to the stakeholders. This stage ensures that all documents and deliverables are organized and handed over to the relevant stakeholders / business units. Also, any remaining contractual obligations, payments, vendor evaluations, etc… is done during the project closing stage.