WEEK 7Renegotiation and Termination (graded)More often than not, it is more desirable to renegotiate a contract than to terminate one. What do you think may be some of the effects of a contract termination from the buyer’s perspective? What about from the seller’s perspective?Contract Close-Out (graded)One of the most frustrating aspects of contract management to customers/clients is the length of time that it commonly takes to close out a project (from an administrative standpoint) after most or all of the contract scope of work has been completed. The closeout is the fourth phase in the generic project life cycle where all outstanding contractual issues are completed and documented in preparation for turning over the product or service to the customer. What are some of the activities that need to be performed as part of the contract closeout functions? What do you think are some of the factors that cause such a length in delay in the closure of the project/contract?