Describe the benefits to a company that uses this process.

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.