Usage Note
Ultimar means to put the finishing touches on something: ultimar los detalles (to finalize the details) is its most common collocation. In Latin America it also means to kill, a usage that is absent in Spain and can cause confusion. A Spanish speaker from Spain hearing lo ultimaron would not interpret it as 'they killed him'.
Examples
"El equipo está ultimando los detalles del proyecto."
Natural Translation
The team is finalizing the project details.
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