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Solution
You may receive 'bad picklist value' especially when syncing ITEMs in PC 2.0 for Chargebee item family picklist.
Follow the below steps
Make sure the picklist has the value which is being thrown in the error. They check this on the picklist field of the object.
If all values are present, check the record types of the object
Edit the picklist in question and add values to it
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