Final answer:
After a sponsor returns the FRA, the Contract Management team updates project documentation, including contract status, award amounts, timelines, and deliverables using a management system.
Step-by-step explanation:
After the sponsor sends back the FRA (Final Report of Award), the Contract Management (CM) team updates specific project management documentation. This can include updating the contract status, award amounts, timelines, deliverables, and any other conditions or changes specified in the FRA. The CM typically uses a contract management system or a project management tool to ensure all information is current and stakeholders are informed of the updated contract details.