Object or set with GUID 00000000000000000000000000000000 does not exist- when creating central contract in SRM

Hello Gurus,

One of the buyers with our client is encountering this error while clicking on "Create Central Contract".

This is not a system wide issue since the other buyers are successfully able to initiate contract creation.

System details:

Installation: SRM 7.0 EHP 2

Technical Scenario: Classic

Screen shot of the error:

I checked the following parameters:

1. Strategic purchaser role not defined:This role has already been assigned to the buyer.
2. User specific System configuration/ attributes not correctly set: All the parameters are correctly set. I even compared
   the settings with those of buyers who were successful in creating contracts, and all seems fine. Some of the parameters checked:
   • Default company code/ plant assignment
   • Default currency
3. Number ranges: SRM number range is internal and in ECC it is set as external.

Can any of you throw some light on what could be triggering this error and what other parameters need to be checked?

Thank you!