Will requisitions still get automatically converted to a PO if pricing is not set up for the item in

Hello Purchasing Gurus,

Buyers/Planners release Planned orders from the MRP workbench which eventually get converted to a Purchase Requisition. The requisition approval also happens automatically and then the CREATEPO workflow creates Standard POs based on the Contract with our supplier. We also use Advance Pricing implemented for Purchasing.

Now the question: In case there is no price defined for an item in Advance Pricing, will the CREATEPO workflow still create standard PO? If yes, where will the price come from? If the workflow errors, I believe that an email notification will be sent to buyer/Workflow admin. Is my understanding correct? Please advise.