Please provide a response to the following discussion post on closing out a procurement.

To close out a procurement, "the contract manager must formally signify and document the close-out" of the procurement (Guth, 2009, 2018, p. 163). This close out document could be a formal written notice, or a filed letter confirming the end of the procurement, as required by the procurement management plan or other agreements between the buyer and the seller (Guth, 2009, 2018, p. 163). If there are any outstanding issues between the two parties, such as over unpaid bills or uncompleted work, then one party may be obligated to resolve or otherwise address the problem before the procurement can be formally closed (Guth, 2009, 2018, p. 163).

Lessons learned are important in project management because they help an organization to gain experience and improve future performance. An organization which does not learn from its failures is likely to repeat them on future projects. Similarly, if an organization does not document and retain the best practices developed for a project, then it becomes impossible for future projects to take advantage of those same best practices. By capturing the lessons learned, future projects are spared the need to "reinvent the wheel" and can take advantage of similar past projects to improve performance and avoid mistakes that were made previously.