What activity encompasses both buyer and seller efforts to finalize a contract?

The activity that encompasses both buyer and seller efforts to finalize a contract is the award. The award process involves the buyer formally accepting a proposal or bid from the seller after evaluating submitted offers. This stage represents the culmination of negotiations and discussions, leading to the decision to enter into a contract.

During this phase, both parties have typically engaged in discussions regarding terms, conditions, pricing, and deliverables, culminating in the signing of a contract that legally binds both the buyer and seller. This step is essential because it solidifies the agreement and details the obligations of each party moving forward.

Although the other activities mentioned, such as developing solicitation, preparing offers, and planning sales, are integral parts of the contracting process, they do not encompass the finalization aspect. Developing solicitation focuses primarily on outlining the needs and requirements of the buyer before bids are received. Preparing offers involves sellers creating proposals in response to requests but does not finalize the agreement. Planning sales typically refers to strategies employed by the seller to secure business and does not directly relate to the formalization of a contract. Thus, "award" correctly identifies the activity that wraps up the contract negotiation efforts of both parties.