Andrew,
Contracts are closed as part of the Control Procurements process. In the video, Cornelius stated "This process also closes all contracts," when for clarity he should have stated that this process (the Close Project or Phase process) finalizes or formalizes the completion of all contracts."
Thank you for pointing this out so we can make this update.
Yazmine Darcy, PMP, PMI-ACP, CSM
Director of Operations
OSP International LLc