Provide a general description of the procurement contract life cycle.

Draft a memo to a chief executive officer explaining the procurement contract process. Include the following elements:

  • Provide a general description of the procurement contract life cycle.
  • Explain why a company would want to use contracts.
  • Describe the benefits to a company that uses this process.
  • Provide an example of a company that successfully uses the procurement contract life cycle and how that company has benefited from it.
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