The process of acquiring a GSA Schedule Contract can be both tedious and lengthy. Businesses must prepare a comprehensive proposal with complete requirements to increase their chances of passing. Before you earn a GSA Schedule, you need to undergo negotiations and clarify the terms in the contract. You can receive a GSA contract soon after all the aspects of your products and services get settled.
Now that you have a contract, you can leverage this document to get into the government marketplace. It is now up to your marketing strategies to generate sales among federal agencies. Apart from generating sufficient revenue, GSA contractors are required to maintain their GSA Schedule contract. This maintenance indicates full compliance with GSA policies to prevent the risk of getting your contract canceled.
Businesses should balance searching for contracting opportunities with the federal government while staying updated with GSA contract amendments. To keep up with your GSA Schedule contract, maintaining a checklist that includes your contract obligations is essential.
Updating Your Administrative Information
Modifications within the terms in your GSA contract is inevitable. Most businesses eventually change the point of contact, their contact information, bank details, and even the company name along with its owner. You can edit such information through the System for Award Management (SAM). SAM is the platform where GSA vendors can maintain their registration with the federal government. Proceed to their website to be able to view and modify your current company information.
Contact Information, Company Name, Ownership
Here’s a step-by-step guide on how you can change your contact information, company name, or transfer the ownership of your business:
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- Edit your company name, ownership, and contact information through SAM.gov
- Modifying your company information prompts an eMod request that automatically notifies all the people on your Authorized Negotiators List. They may receive an email about the modification request that is declared.
- In the eMod system, enter your login credentials using your digital certificate. Modifying administrative information requires someone to be listed among the Authorized Negotiators.
- Edit and verify the changes on your company information. You need to wait at least 24 hours before changes are reflected within the system.
- Depending on the administrative information you need to change, you can submit a letter along with your eMod request to formally request the modification. The letter gets sent to GSA Procurement Contracting Officers (PCOs).
- After making the modifications, make sure that you update the information in the following platforms:
Bank Account Details
The process of updating your bank account details is similar to making any administrative changes. Proceed to change your bank account routing information stated in the SAM system. After following the steps above, it is your responsibility to communicate with your existing federal buyers about the changes directly. This process ensures that future electronic fund transfers go directly to your new bank account.
Updating Your Contract Offerings and Pricing
Throughout your contract lifecycle, you will have to update your GSA offerings and pricing. It is integral that you work with GSA contract consultants and your PCO to make sure that you adhere to GSA standards. A majority of GSA contract management services are focused on these crucial modifications.
Making Mass Modifications
Apart from looking out for contracting opportunities, you should anticipate the mass modifications made by GSA. The terms and conditions expressed in the GSA Schedule solicitation can change periodically. As clauses are consistently updated, you must apply the changes to your GSA contract.
Changes in the contract offerings and pricing are predicated on one of the following clauses to administrate price increases:
- 216-70 Economic Price Adjustment – Multiple Award Schedule Contracts (Published or publicly available commercial price list)
- I-FSS-969 Economic Price Adjustment – FSS Multiple Award Schedule paragraph (b)(1) (Market pricing with a fixed annual escalation rate)
- I-FSS-969 Economic Price Adjustment – FSS Multiple Award Schedule paragraph (b)(2)
- Market pricing based on a relevant market indicator (ie, BLS ECI Table 5)
There are also certain conditions when you are permitted to increase the prices of your products and services. Take note of the following:
- You can increase your pricing when the commercial price list accelerates its rates. The changes are based on the market rate sheet you have submitted.
- You can increase your prices once you have reached the first 12 months of your GSA contract.
- Throughout a 12-month period, you are only allowed to increase your prices thrice.
- There should be at least a month (30 days) of the interval before you can increase your price again.
- You cannot increase prices when you only have 60 days left before your contract period ends.
Price Reduction Clause Compliance
The price reduction clause (FAR 552.238-81) states that GSA contractors must agree with GSA upon the price or discount relationship established with the federal buyers. The price reduction agreement can also play a fundamental role in the Basis of Award (BOA). Before reducing your prices or granting discounts to your customers, you must notify a GSA official. The Contracting Officer must know 15 calendar days before you apply the price reduction. On top of that, make sure that your contract gets updated. Price reduction off commercial prices or market rates may either be temporary or permanent. Such terms must be indicated within your GSA Schedule contract.
The journey does not end after you have a GSA Schedule contract. A lot of work has to focus on maintaining your agreement and adhering to GSA standards. Sustaining your compliance means that you need to update your administrative information, contract offers, pricing. All of the modifications must undergo proper processes supported by relevant, updated documents. Nevertheless, there are consequences for those who fail to comply with GSA regulations. You may either receive penalties and fines, but the worst-case scenario can get your contract terminated. Working with GSA contract consultants and your Contracting Officers can keep your GSA Schedule well-maintained throughout your contract.