What does the term "contract execution" in CPQ generally refer to?

The term "contract execution" in CPQ generally refers to the final agreement and signing of documents between parties. This process is critical because it marks the transition from negotiation to a legally binding agreement. After this stage, all terms, conditions, and pricing laid out in the CPQ system are formalized, allowing both the seller and the buyer to move forward confidently.

The concept encompasses various activities, including reviewing the final terms, obtaining necessary signatures, and ensuring that all contractual obligations are clearly defined and accepted by both parties. This is a key point in the sales process, as it solidifies the transaction that has been quoted and approved through the CPQ system.

The other choices relate to different aspects of the sales process but do not accurately describe contract execution. For instance, the approval process of quotes occurs before contract execution, while the delivery of products and collection of payments are subsequent actions that take place after the contract has been executed. Each of these elements is essential in the sales cycle, but they represent different phases and should not be conflated with the concept of contract execution.