Which of the following statement is true regarding contract life cycles?

1. The requirement phase is the first contract life cycle phase and is performed during the Plan Procurements process. The buyer prepares the SOW during this phase.

2. The award phase is the fourth contract life cycle phase and is performed during the Conduct Procurements process. The buyer awards the contract in this phase.

3. The solicitation phase is the third contract life cycle phase and is performed during the Conduct Procurements process. This phase receives the bids and proposals and applies evaluation criteria to each in order to score or rank the responses.

4. The requisition phase is the second contract life cycle phase and is performed during the Plan Procurements process. The buyer prepares the SOW during this phase.