The Essential Laws of Contracting Explained
Although the government has recently reduced its budget, it is still the perfect and lucrative marketplace with turns of opportunities to businesses. The government expenditure consists of billions of dollars, and this can be the perfect opportunities to make money whether you are a big or a small business. The US is one of the biggest if not the biggest purchaser of both goods and services in the global and transacting with it would be quite challenging to some extent. You will need to bids since the government will be buying a lot, so the process will certainly be competitive and having the lowest bid will not be sufficient. Moreover, each government will come up with its bidding legislation although the generally they have the same skeleton. The following are sources to assist you to get a government contract.
For you to succeed as a federal contractor you should be ready for plenty of paperwork. You will require to submit all the requirement before you can bid for any opportunity. You will need to make a request for DUNS and categorize your company under the federal coding system so as to classify your business in the industry it runs in. if you will be making bids on local or state contracts makes sure you know from the governments the requirements needed.
When it comes to bidding on federal contracts, your profile will need to be checked with the System for Award Management. Hence its recommended that before you seek any federal contract, your business information should be given to SAM. The System for Award Management will give information about your experience, where you are location and your qualification status as a small business or attract preferences for being among the disadvantaged.
The request to bid is usually the start of the bidding process. The bid requests define the projects, the procedural stipulations, the time limit for completion and the bidding deadlines. It is common for the different governments to have the same approach to seal bids although they will do things differently. After the deadline all the sealed bids are opened all at once so that the bids that come in later don’t get any leverage over early bidders.
Being the cheapest bidder is not enough to make your submission a winning bid. You need to have vast experience in the field of the project you are bidding on. Your bid needs to be receptive, meaning it must follow all the terms and other stipulations laid down in the invitation otherwise you won’t get the job despite your experience and price.
If you have no experience in bidding, it is better that you start on the small projects rather than the bigger bids to build your credibility. Bidding for a small portion of the pie is a good way of building yourself. It would be great to offer to handle part of the project from a recognized big bidder to learn how things are done.