During the execution phase of a project, you notice that the current supplier's delivery timelines are regularly falling short of the agreed-upon schedule stipulated in the contract. This is beginning to impact the project's critical path. As a PMP certified project manager, what should be your best course of action?
Meet with the supplier to discuss the performance issues and identify improvement plans.
Accept the delays as part of the project's risk and adjust the project schedule accordingly.
Send a formal notice to the supplier stressing the contract's enforceability to ensure adherence to delivery schedules.
Terminate the current contract immediately and find a new supplier to work with.