“SMALLTOFEDS” By Ken Larson
“The execution of a contract (signing by both parties) is a key benchmark in government contracting. Establish an internal document to your company that contains the pertinent data for the contract and assigns it a unique contract identifier in your business system. This is necessary for billing and cost collection purposes as well as government audits. Astute government contractors do not allow effort to proceed or cost to be incurred on a particular contract until such a document is generated, signed, approved and distributed by an authorized company official.
Sarbanes Oxley regulations and other recent government laws regarding corporate responsibility have made control of work authorization and record keeping an important factors. Keep in mind that a small business past performance record begins when a contract is signed. This record is maintained by the government and updated as deliveries and performance occur.
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