If you’ve done any research into GSA Multiple Award Schedule (MAS) contracts, you’ll see one key phrase used a lot: “Contract compliance.” But what does it mean? Contracts in any sphere can be complicated, and government contracts are especially difficult, as government buyers and sellers have to abide by procurement regulations established in the Federal Acquisition Regulation (FAR). Any business that holds a GSA contract or is looking to acquire one needs to be aware of the terms and conditions that are applicable to their company. Failing to be compliant with those terms and conditions can have serious consequences for your GSA contract.
As a contractor for the General Services Administration (GSA), you know that a key part of contract compliance is regularly reporting your sales and paying the Industrial Funding Fee (IFF). Whether you report on a monthly or quarterly basis, it’s essential you have a consistent and accurate invoicing process so you can be certain you are reporting the correct sales. To ensure that contractors are compliant with their sales reporting process, GSA will conduct Contractor Assessments on a semi-regular basis. During these assessments, an Industrial Operations Analyst (IOA) will analyze your sales practices and reporting history to ensure you are compliant with GSA terms and conditions.
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One of the most essential parts of maintaining your GSA Multiple Award Schedule (MAS) contract is ensuring your pricing is up to date. GSA contracts can last for up to 20 years, so it’s likely that your commercial rates will increase during the life of your contract. As a GSA contractor, you have the ability and the right to increase your GSA rates alongside your commercial rates. However, the process of requesting a price increase can be complicated, as GSA has restrictions on when you can raise your rates and how much of an increase you can request.
As a GSA Multiple Award Schedule (MAS) contractor, one of the most critical tasks in ensuring that your contract remains compliant is to report your GSA sales and to remit the Industrial Funding Fee (IFF). GSA contractors are required to report their sales through the Federal Acquisition Service (FAS) Sales Reporting Portal (SRP) on a quarterly or monthly basis.
Whether you are a current or prospective GSA Schedule contractor, it is vital you remain aware of any upcoming changes to the federal procurement process. A source for many important changes is the General Services Administration’s (GSA) Federal Marketplace Strategy, which aims to refine and improve the federal marketplace by reducing barriers and improving access for federal buyers and sellers.
Managing your GSA Schedule can be an arduous task. As a contractor, you are required to stay on top of constantly changing regulations, to understand and navigate difficult restrictions, and most importantly, to find and win procurement opportunities so you can meet your contract’s minimum sales requirement.