The most common and most likely answer to this crossword clue is the 4 letter word SEND
I've seen this crossword clue in The Daily Telegraph
S
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More clues leading to the result SEND
Buddy explains!

The straight part
We know that "Valedictory party" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case valedictory party = send.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SEND mean?
SEND noun- The rising motion of water as a wave passes; a surge; the upward angular displacement of a vessel, opposed to pitch, the correlative downward movement.
- An operation in which data is transmitted.
- A messenger, especially one sent to fetch the bride.
- A callout or diss usually aimed at a specific person, often in the form of a diss track.
- To make something (such as an object or message) go from one place to another.
- To excite, delight, or thrill (someone).
- To bring to a certain condition.
- To dispatch an agent or messenger to convey a message, or to do an errand.
- To cause to be or to happen; to bestow; to inflict; to grant; sometimes followed by a dependent proposition.
- To pitch.
- To make a successful free ascent (i.e. not relying on gear) of a sport climbing route.