You are managing a large construction project when you learn that the supplier for a critical set of materials has been acquired by another company. These materials are unique and vital for your project's completion. According to best practices in 'Project Procurement Management', what is the FIRST step you should take?
Continue with the project, as the acquisition will not affect the supply of materials due to contractual requirements.
Review the procurement documents and any existing agreements to assess the implications of the supplier's acquisition on project deliverables.
Search for an alternative supplier or manufacturer.
Cancel the material order and request a refund due to the acquisition in accordance with standard licensing agreements.
Upon learning about the supplier's acquisition, the FIRST step is to review the procurement documents to understand the implications of the change and what actions might be necessary. This may include assessing the impact on schedule, cost, and quality, along with any alterative options or stipulations mentioned in the procurement documentation that address supplier changes or acquisitions.
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