Feb 24, 2023
What Every Federal Contractor Should Know at the Start of the 2023 Fiscal Year
Federal laws are the binding factor behind any contract, irrespective of the size. The Government contracting rules and regulations dictate how to perform business with the government. There are also several laws that federal contractors should know at the start of the fiscal year 2023. Mandatory requirements for federal contracting The Federal Government contracting spends hundredths of billions of dollars on contracts. And it also lays specific basic regulatory tasks to ensure that the business can do business with the federal government legally and legitimately. The government requires its federal contractors to register their business with Dun and Bradstreet and the System for the management of awards. Dun and Bradstreet make use of a nine-digit identifier code that helps manage the credit profile of the company. This ensures that the potential business partners and the lenders of the business can ascertain the company’s financial stability and reliability. The SAS (System for Award Management) is the central registration repository for all businesses. The SAM will mandate the business contractors to perform the following, Register the Data Universal Numbering System of the company. List the NAICS code applicable to the work that the contractor performs. Identify the contractor’scontractor’s bank account, and provide background information […]
Feb 18, 2023
Set Aside Contracts: Everything You Need to Know
Government agencies offer Set Aside Contracts to businesses and contractors with complex requirements. Federal contractors and business owners interested in pursuing federal contracts can assess these set-aside contractors and get a fair chance to win Government contracts. Set-aside contracts are specifically reserved for small businesses that wish to find their niche in the public sphere. What are set-aside contracts? Set Aside Contracts are government contracts reserved specifically for small businesses. Businesses that operate in disadvantaged locations and businesses owned by women and minorities can easily avail of these contracts. Before the company can qualify for these contracts, it has to be granted an official certification or award. For small businesses struggling to compete with large companies or finding it difficult to break into their chosen industry, these small business set-asides are great to put the company on its success path. Who is eligible for Small Business Set Aside? The ultimate aim of the Small Business Administration program is to put small business owners, who are in disadvantaged positions to be on the same footing as large companies when they have to bid on government contracts. To qualify for bidding on these projects, the business should be socially or economically disadvantaged. The business […]
Feb 13, 2023
Best Practices When Submitting Contract Proposals Online
With technological advancement, the federal and state governments are now accepting contract proposals online. This has helped prospective suppliers quickly and easily submit their proposals and win contracts. Offering the contracts online is also an exceptional time-saving tool, though the process is not free from limitations and convenience issues. Here are some best practices to be followed while submitting contract proposals online. Best Practices to be following while submitting contract proposals online Thousands of Government contract proposals are sent daily, and there is a fair chance of them getting rejected. Thus, it is important to avoid common mistakes and follow these best practices while submitting proposals online. Review all the documents properly: This is perhaps the most common mistake that most suppliers make. It is important to review every page of the contract document to not miss even the addenda, which has essential FAQs and updates. Reviewing the document will clarify the changes in the contract closing date, contract terms, specifications, etc. The best practice is to check the solicitations notice thoroughly before submitting the project proposal. Submit the contract proposal ahead of time: The major yet common mistake that most suppliers make is, submitting the project proposal just before […]