Government Contract Management Software: 5 Time-Saving Features

Without the right tools, effectively managing huge volumes of contracts can be a complicated, time-consuming task – even more so if you’re dealing with government contracts, which carry far stricter requirements than those typically seen in the private sector. Guidelines around acquisition planning, contract formation, pricing and all aspects of contracts and their management, whether at the local, state or federal level, place an added layer of complexity to the tasks associated with contract management. 

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What to Do After You've Been Awarded a Government Contract

The first thing to say is: congratulations! Winning a government contract is a major achievement and a major opportunity. In fiscal year 2016, the federal government awarded 24 percent of its contracting dollars to small businesses, slightly above its annual target of 23 percent.

Of course, being awarded the contract is only the first step--now you have to deliver on your promises. The guidelines and best practices below will help you follow through and do a good job so that you can continue to win federal contracts in the future.

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Evaluating a Government Contract Management System

Contract management within the government involves navigating common challenges for all large organizations, as well as specific considerations beyond those faced in the private sector. Federal contracts are subject to the Federal Acquisition Regulation (FAR) System, which guides acquisition planning, contract formation, and administration. Federal agencies must comply with strict, detailed guidelines that regulate spending, contract evaluation processes, and other aspects of the contract management lifecycle. State and local agencies are subject to certain federal or state laws, but may not be bound to follow FAR regulations when it comes to dealing with contracts.

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5 Contract Management Best Practices for Government Contracts

For many businesses, landing a government contract can become a much welcomed source of steady income. Of course, proper and timely performance will be of the utmost importance, as government agencies and entities will not tolerate any lapses or delays. Obviously, all contracts should be handled in a professional manner, but the consequences of breaching a government contract can be even more dire than is the case with other types of contracts. Thus, here are five best practices for managing government contracts.

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How Governments Can Solve These Procurement Nightmares

Local, state, and federal governments generally engage in high volume contracting, and thousands of private businesses are the other parties to these agreements. There are often many requirements for a company to qualify to enter into a contract with the government, and strict compliance is usually mandated. Nonetheless, as with many business arrangements, contractual relationships are often fraught with issues, and this can be particularly true with respect to procurement as fulfilling large orders across borders can be quite complicated. Unfortunately, there are certain matters that repeatedly arise. Here are some of the most prevalent procurement nightmares and how to avoid them:

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How Local Governments Can Negotiate Better Contracts

It is often said that negotiation is an art form and a skill that must be carefully honed with diligent practice. Unfortunately, for government agencies and other public sector organizations with rather tight budget constraints, it may not be entirely realistic to devote the resources and personnel hours to developing this craft. In addition, brief timelines and expectations for immediate action often hinder local governments from bargaining effectively. But, this inability to haggle for the best deal can end up costing the government a lot of taxpayer dollars when they are subjected to overly expensive and/or inefficient contracting arrangements. Here is how local governments can and must negotiate better contracts:

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How to Draft More Durable Healthcare Contracts

The healthcare industry is subject to a hefty number of rules and regulations at all levels of government. In addition, these laws are susceptible to repeal or revision any time there is a change in governance. This can make it difficult for some companies involved in a healthcare-related business to plan for the future. This hesitancy or uncertainty may impact whether and how contracts are drafted and can end up requiring additional negotiations, amendments, addenda, or even rescissions. With these potential issues in mind, here are some things to consider in order to draft more durable healthcare contracts:

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Why Local Government Needs Better Contract Management

Local, state, and federal government offices are notorious for the inefficient and even inappropriate allocation and utilization of resources. Local government usually receives particularly harsh criticism, but one of the main reasons they struggle so much is because they have a lot of responsibilities and yet are forced to operate on pretty tight budgets. There are so many issues that local governments must oversee, so it is kind of understandable why they are plagued with difficulties. In addition to a range of business, legal, utility, and tax matters, local governments enter into a fair number of contracts, often with private companies that provide citywide or countywide services. As a result, contract management is one of many management strategies with which local governments must contend. Here is why local government simply must have a solid contract management system in place:

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The Ten Key Terms You Need to Know for Compliance Management

Compliance is a rather complicated albeit quite necessary facet of contracting. Of course, formal compliance procedures are not necessarily applicable in all contractual relationships, but it is highly relevant in the realm of government contracting and for the healthcare industry. Even if the nuances of compliance are not presently pertinent to your company’s contract portfolio, it is highly likely that they will be at some point. As a result, all contract management professionals must have a basic understanding of the process. Here are the key terms to know:

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How to Audit Government Contracts and Identify Issues

The federal government spends billions of dollars on contracts with private businesses of all size and in all sectors. For many businesses, contracting with the government is an excellent and consistent way to generate revenue. However, with that revenue comes a great deal of responsibility. There are a lot of different rules and regulations to understand, with two important ones being the Federal Acquisition Regulation (FAR) and the Federal Acquisition Streamlining Act (FASA). Although contracting with the government has a ton of advantages, it can also present a lot of problems if your company is ill-equipped to handle it. Here are five questions your company must consider when assessing its existing or future government contracts to identify potential issues:

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