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Government Contractor Terms
A government contract is an excellent and much sought after source of secure income for not only large industries, but small private companies. The federal government solicits a multitude of goods and services, not only for military defense, security or aeronautical purposes, but also medical and scientific research and public works construction. Different governmental offices even contract businesses to provide administrative and clerical staff. If your business is seeking to win a government contract, then here are a few important terms with which to familiarize yourself:
Vendor Identification Program: A program that assists small businesses by identifying government purchasers of the items the small businesses produce. Also known as VIP, the Vendor Identification Program essentially unites government agencies and small businesses by matching the procurement needs of the agency with the systems, materials and services of the business, thereby offering a relatively level playing field for businesses seeking to bid on government contracts.
Commercial and Government Entity Code: A five position identifying code for companies seeking to do business with the federal government. The code is used as a standardized method of identifying a specific facility at a particular location, and the format of the five character position varies depending upon the country in which the business is located.
Certificate of Competency (COC) Program: A program that helps a small business contest a contracting officer when that officer determines that the small business is unable to fulfill the terms of the contract on which that business is the lowest bidder. When the business applies for a COC, then the Small Business Administration's industrial and financial team analyze the bidder's ability to satisfy contractual terms. If the business is found to be capable of fulfilling the terms of the contract, the Small Business Administration issues a COC to the contracting officer.
Becoming a government contractor can be a secure source of revenue for small business owners, as well as larger industry players. A government contractor, it is when an independent company provides services or produces goods for the federal government. Government contractors can work on a variety of projects, from creating software to enhance homeland security, to working on road construction. Often times, the way that the government chooses to employ an independent contractor is by allowing each contract to place a bid on the project. That way, which ever one bids the lowest is the contractor that has procured the rights for that undertaking or product production. Sometimes, the United States will also employ independent entities for tasks such as administrative duties, filing, and more. The federal government might also work with a laboratory or research facility to conduct studies that are then the property of the U.S. Often times, actually, national studies are grant sponsored because they are considered to be in the overall interest of the nation, or perhaps the study can come up with a medication, or technological advance that the government can then make a profit from. Therefore, there is a wide variety of the types of possible government contractors. If you are interested in procuring a government contract, try accessing the internet for further details. You should be able to find out more about current projects that the federal government is conducting, as well as what you need to do to qualify. Many private companies will be interested in this contract, though, so be sure to act right away to procure the building job if you find one you are capable of handling.