Contract is a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
What it means.
It means that making a contract requires the mutual assent of two or more persons, one of them ordinarily making an offer and another accepting. If one of the parties fails to keep the promise, the other is entitled to legal redress.
Government Contracts bidding technicalities.
Government Contracts is often very delicate and requires a full attention to details to be very successful in it. There are countless of ways Government agencies make calls for goods and services to be rendered by various contractors, prospective companies or individual. It becomes very necessary you are very abreast of many types available.
Let me quickly take you through these three kinds of government contracts calls you should look out for.
- REQUEST FOR QUOTATION(RFQ): This is the simplified acquisition procedure for Government agencies typically used for contracts requiring few funds. Here you need to prepare carefully your quotation for all the products and services your company is most interested in and submit accordingly.
- REQUEST FOR PROPOSALS (RFP): This applies to larger negotiations acquisition. It simply means that the government agency is open for back and forth negotiations between you and other vendors which will lead to ultimate settled and agreed upon pricing terms and conditions. In this case, the process starts when the government agency issues an RFP describing the requirements of the contract, anticipated terms and conditions and the information needed from applicants as part of the proposals. Here complete and accurate information is key to responding to a request for proposals so if you have any confusion about how to respond to certain provisions within an RFP, never shy away from contacting the officer in charge for clarification before submitting your proposals.
- Invitation for BID (IFB): In this type of contract call, it is a kind of a sealed solicitation process for Government procurement meaning there is no negotiations between agency and vendor. The submitted Bid package is considered final and price points is most often seen as the key differentiator between qualified bidders. NB: Because of the sealed and final nature of the bidding process, responding to an FIB maybe the case in which you will want to be most cautious in completing your documentation and setting your prices the first time. There won’t be an opportunity for any discussion or amendments so if you overshot the bid that may just be the final and if you become too cautious and leave out relevant details the agency will ultimately reject your bid in favour of a more meticulous bidder.
What you must Know.
In any of these processes and types, ensure you follow the specific format outlined by the agency. Success in bidding process depends on your ability to follow instructions in the proposals formatting. In other words, do due diligence to follow meticulously all schedules and forms within the solicitation in the exact order, structure and time frame as requested.
Finally ensure you price your BID appropriately.
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