Maintaining compliance for a government contract is a grueling process. The government requires your business to be compliant with your contract terms and conditions at all times or else you could risk many consequences such as, losing your contract or penalization. Here are five tips to maintain a compliant government contract.
- Ensure accurate pricing and discounting always be sure to keep the pricing and discounts of your products and services up to date.
- Maintain quarterly sales reports it is imperative that your business submits your sales reports quarterly even if you had no sales within that quarter.
- Remit Industrial Funding Fee (IFF) activity in addition to submitting your quarterly sales your business is required to submit an up-to-date IFF activity.
- Maintain annual certifications and registrations update your Online Representations and Certifications Application (ORCA) and Central Contractor Registration (CCR) yearly in order to continue providing supplies and services to the federal government.
- Mitigate risks and corrective measures preserve a plan of action to provide an effective way of marketing and resolving issues for your supply and/or service.
Prior to the pursuit of obtaining a government contract always be sure to devise a strategy not all businesses would benefit to having a contract. If you are not equipped to do so consult a reputable firm that could assist you.