A contract is said to occur when two or more parties concur to do or not do something that they specify. The agreement they make is said to be legal therefore can be enforced by the law. For a contract to be termed as valid, it must have the following elements; capacity, consideration, offer, acceptance and the intention to enter into an agreement. A contract may be in implied, written or spoken forms. In connection to this, below is information to help people discover more about government contract award.
Indefinite delivery-contracts, incentive contracts, time-and-materials contracts, labor-hour contracts, fixed-price contracts, negotiated contracts, sealed bidding and cost-reimbursement contracts are the different categories that the government contracts can be grouped into. Open tenders, prequalified tenders and limited tenders are the methods they can use for public procurement.
The methods by which contracts are awarded in the government are usually regulated by the constitution and the method prescribed must usually be followed. They mostly uses competitive bidding also called open tendering especially for big government expenditures like the construction of public buildings and roads. This method is fair and discourages fraud and favoritism.
Researching and planning, inviting people for bidding, submitting of the bids, presentations done orally and awarding of the contract is the systematic process that they uses for the awarding. After the contract is awarded, a regular communication is maintained by the winning bidder to get information on meetings, the deadlines set and other crucial details.
Being awarded any contract by the government makes that party or company build strong relationships with them. Relationship building with the right people especially the government could widely assist the business in building a strong foundation hence the business has high chances of really performing well. It also increases a companys value especially in application for a business loan or in times where the company is being sold.
The company awarded the contract is able to generate income as payments are assured. Any company or party that enters into an agreement with the government is always secure as this is a very big and respected body. The company can have long term stability when they comply with the given terms and conditions as some contracts can last a very many years.
Business strategies can be changed and created by the company for the commercial category through entering into a government contract. Client portfolios are strengthened when a company is in a government contract. By ensuring that the business performs a good work as per the contract highly boosts this. As a result, potential customers are attracted to the organization.
In conclusion, doing a good job when offered a job is very important as sometimes the government may value previous and past performances in the selection process hence gives high chances for being selected again in the future. Through these contracts, a companys value is raised, client portfolios strengthened, relationships are created, stability is enhanced, strategies are made and modified and a company is able to earn income among many more benefits.
Indefinite delivery-contracts, incentive contracts, time-and-materials contracts, labor-hour contracts, fixed-price contracts, negotiated contracts, sealed bidding and cost-reimbursement contracts are the different categories that the government contracts can be grouped into. Open tenders, prequalified tenders and limited tenders are the methods they can use for public procurement.
The methods by which contracts are awarded in the government are usually regulated by the constitution and the method prescribed must usually be followed. They mostly uses competitive bidding also called open tendering especially for big government expenditures like the construction of public buildings and roads. This method is fair and discourages fraud and favoritism.
Researching and planning, inviting people for bidding, submitting of the bids, presentations done orally and awarding of the contract is the systematic process that they uses for the awarding. After the contract is awarded, a regular communication is maintained by the winning bidder to get information on meetings, the deadlines set and other crucial details.
Being awarded any contract by the government makes that party or company build strong relationships with them. Relationship building with the right people especially the government could widely assist the business in building a strong foundation hence the business has high chances of really performing well. It also increases a companys value especially in application for a business loan or in times where the company is being sold.
The company awarded the contract is able to generate income as payments are assured. Any company or party that enters into an agreement with the government is always secure as this is a very big and respected body. The company can have long term stability when they comply with the given terms and conditions as some contracts can last a very many years.
Business strategies can be changed and created by the company for the commercial category through entering into a government contract. Client portfolios are strengthened when a company is in a government contract. By ensuring that the business performs a good work as per the contract highly boosts this. As a result, potential customers are attracted to the organization.
In conclusion, doing a good job when offered a job is very important as sometimes the government may value previous and past performances in the selection process hence gives high chances for being selected again in the future. Through these contracts, a companys value is raised, client portfolios strengthened, relationships are created, stability is enhanced, strategies are made and modified and a company is able to earn income among many more benefits.
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