Yes. You can put a project on hold or cancel it. 

Project owners and administrators can pause or cancel a project from the project overview page. The user can choose whether this change will be sent as an email to suppliers (The change is visible on the supplier application regardless of whether the email notification has been sent). The project team on the client side will always receive an email notification.
A canceled/paused project can be reactivated/resumed, and you can seamlessly act on the next steps from where you left off.  

In the Project List View, you can easily review which projects were canceled or paused as well as filter by those statuses. Administrators with access to data reporting can pull reports that reflect these statuses and further analyze the data. 

This feature makes it easy to filter inactive projects for reporting use cases such as calculating estimated spend to drive organizational buying excellence.