Definition
Project Settlement is the process of confirming the proper use of funds and fulfilment of obligations arising from a Project and its Funding Agreement.
Human Explanation
It demonstrates that the Project was delivered according to its plan and applicable requirements.
Why it Matters
Correct settlement may be required for formal completion and receipt of the full Funding amount.
Conceptual Boundary
Settlement covers finances, achieved results, Documentation and Compliance, not only expenditure.
Practical Perspective
It includes reports, cost statements, Evidence, Documentation and participation in controls or Audits.