Someone from the procurement or Legal department in organizations usually closes out contracts..
The company's legal department is responsible for: Ensuring that the company complies with applicable laws and regulations without fail. Educate company management on the development of advanced laws and the consequences of complying with those laws. There are three types of structures: functional (central legal team divided by functional area) client-focused (attorneys integrated into different parts of the business based on industry or geography) ) hybrid (combination of the first two ways).
A contract is a legally enforceable agreement that creates, defines and governs the common rights and obligations between the parties. A contract typically includes delivery of goods, services, money, or a promise to deliver any of these at a later date.
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