Is your government contract set to expire? If so, then you may need government contract renewal advisory services to ensure you have the best chance possible of having your contract renewed rather than extended or terminated and awarded to another organization. At Diener & Associates, our certified public accountants (CPAs) have years of experience working with government contractors to help retain and renew their contracts.
What Is Government Contract Renewal?
Maintaining and keeping a GSA contract requires a lot of work. A government contract is essentially a “license” to sell to the federal government and details the services or goods provided, the price for the services or goods, and an end date for when the contract expires. Government contract renewal refers to the process of extending the original contract terms.
Once contractors reach the end of their contracts with the GSA, they can go through the contract renewal process. It is important to note that contract renewals are not automatic. There is a formal and specific process that every contract holder who wants to renew must follow. This process generally occurs after an invitation to renew is received from the GSA near the expiration date established in the contract. The GSA may choose to terminate the contract if the renewal process is not handled properly or if the services or goods provided do not match the quality necessary to have the contract renewed.
The GSA Contract Renewal Process
The renewal process is different for every organization, depending on the nature of their work and the specific concerns the GSA may have about renewing the contract. The GSA contract renewal process is often more complex than contractors anticipate. In general, the process typically involves:
- Receiving the renewal email and formal letter
- Addressing any concerns that the GSA presents
- Providing information requested by the GSA
- Following up with the GSA if you do not hear back
- Renewing the contract and continuing to do good work
The biggest mistake contractors make during the government contract renewal process is not understanding the seriousness of concerns raised by the GSA. Contracts are in danger of not being renewed if concerns are not addressed diligently and promptly. Our CPAs at Diener & Associates understand how to deal with specific contract renewal situations and can help you with contract renewal for your business.
How To Prevent Not Having Your GSA Contract Renewed
Many government contractors worry about their contract with the GSA getting renewed once it expires. To prevent this, it is important to understand what causes contracts to be terminated. Most notably, your contract may not be renewed for the following reasons:
- There are other contractors that are performing better
- The accounting processes for your business are inadequate
- Doing business with your organization has been challenging
- Your organization has changed the way it identifies itself as a business
The best way to maximize your chances for getting contract renewal is to have a government contract consulting firm on your side that understands GSA regulations and the contract renewal process.
Consult with Diener & Associates About Contract Renewal
If your contract with the GSA or another government agency is set to expire soon, then reach out to the experienced CPAs at Diener & Associates for assistance with the government contract renewal process. You can speak with one of our CPAs by phone at 703.386.7864 or schedule a consultation online to get in touch with us today. We will be glad to advise and assist you throughout the renewal process, providing you with the best possible chance for the government to renew your contract.