How to Renew Your GSA Schedule 70 Contract: A Checklist

The Government Services Administration's (GSA) Schedule 70 is an indispensable procurement vehicle for federal agencies seeking to acquire a range of IT products, services, and solutions.

If you're a vendor with a GSA schedule 70 contract, renewal is an essential, yet sometimes overwhelming, process to navigate. Fail to renew successfully, and you could lose valuable opportunities for government contracting. 

The good news is that renewing your GSA schedule 70 contract is manageable if you prepare ahead of time and follow specific guidelines.

In this comprehensive guide, we'll walk you through a checklist for renewing your GSA schedule 70 contract efficiently, so you can continue to offer your specialized services to federal agencies.

The Importance of GSA Schedule 70 Renewal

Securing a GSA schedule 70 contract is a significant milestone for any IT service provider, but renewing it is equally essential. So, why is renewing your GSA schedule 70 contract so crucial? Firstly, the federal market is incredibly dynamic, with new players entering regularly. By renewing your contract, you reassert your position and demonstrate your commitment to being a reliable long-term provider.

Moreover, a renewed contract sends a strong signal to federal agencies that you have a proven track record of adhering to governmental standards and regulations. This increases your chances of getting repeated business and opens doors to new opportunities.

Besides, the renewal process also serves as a strategic juncture for optimizing your service catalog and pricing. As market trends shift and new technologies emerge, the renewal period provides a valuable opportunity to update your offerings and realign your prices, making you more competitive.

Failing to renew can lead to removal from the GSA Advantage! online shopping portal, which is often the first stop for federal buyers looking for IT solutions. Being de-listed from this platform can lead to a drastic loss in visibility and credibility. Additionally, the absence of a current contract could put existing task orders at risk and complicate any pending negotiations or bidding processes.

Renewal Timeline: When to Start

The timeline for renewing your GSA schedule 70 contract is critical to ensuring a smooth, hassle-free process. It's recommended to kick off the renewal journey 6-9 months before your existing contract expires. This period isn't arbitrary; it's designed to allow you sufficient time for multiple key activities. Firstly, gathering all required documentation such as financial statements, compliance records, and updated service catalog can be time-consuming. This window ensures you're not rushing through these important steps, thereby minimizing errors or omissions.

Additionally, government processes can sometimes move slower than anticipated, particularly if there are questions or issues regarding your renewal package.

The 6–9-month timeframe also provides a cushion for any unexpected delays, such as additional review cycles, clarifications, or even changes in legislation that could affect your contract terms.
So, it's better to have extra time to troubleshoot these issues than to risk your contract lapsing due to a tight deadline.

Your GSA Schedule 70 Renewal Checklist

  1. Financial Statements:
    • Gather at least three years of financial statements for review: Three years is the general baseline that allows the government to gauge the financial health of your business.
    • Make sure the statements are audited or reviewed by an independent third party: This lends credibility to your documents and reassures contracting officers of your financial stability.
  2. Compliance Audit:
    • Conduct a thorough internal audit to ensure compliance with the terms and conditions of the contract: The internal audit serves as a dry run for any external audits that could occur and helps you proactively identify areas of concern.
    • Make any required updates to your compliance policies and practices: Compliance isn't static. Laws change, and your policies should evolve accordingly.
  3. Pricing Adjustments:
    • Review your current pricing to determine if any adjustments are needed: Market conditions change, and your pricing should reflect that.
    • If your pricing changes, prepare justification for the increase or decrease: Government entities will require thorough reasoning behind any change in pricing.
  4. Updated Catalog:
    • Update your GSA Advantage! online catalog with any new products or services: An outdated catalog may misrepresent your offerings, causing you to miss out on opportunities that align with your capabilities.
    • Ensure all product or service descriptions are accurate and up-to-date: Misleading or outdated information could result in a breach of contract.
  5. Past Performance Evaluation:
    • Compile customer feedback and reviews to prove your reliability and quality of service: These reviews serve as a testament to your past performance, which can greatly influence contract renewals.
    • Use this information to enhance your vendor performance rating: A high rating can increase your competitiveness in contract bidding.
  6. Letter of Supply:
    • Renew or obtain a new Letter of Supply from manufacturers if you are a reseller: The Letter of Supply confirms that you are authorized to sell the products you offer, ensuring there are no legal complications down the road.
  7. Digital Certificates:
    • Update any expiring digital certificates for secure online contract management: Digital certificates ensure the integrity and security of the documents you submit online.
  8. Submission:
    • Submit the completed package, including all forms and attachments, via GSA's eOffer/eMod portal: The portal is the official channel for contract submissions and renewals.
    • Follow up regularly to track the status of your renewal application: This keeps you in the loop about any missing documents or areas that require clarification.

So, there is no surprise that, each of these checklist points plays a crucial role in the renewal process. Overlooking even a single step can result in unnecessary delays or even contract termination. This comprehensive checklist aims to guide you meticulously through each step, ensuring a seamless renewal of your GSA Schedule 70 contract.

Conclusion

Renewing your GSA schedule 70 contract is not merely an administrative task; it's a strategic business move that keeps your services relevant and competitive in the federal marketplace. While the process may seem daunting, having a structured checklist can ease the complexities involved. By ensuring that your financial statements are in order, conducting a compliance audit, updating your catalog, and avoiding common pitfalls, you're well on your way to successfully renewing your contract.

Whether you're a seasoned contractor or relatively new to the federal marketplace, this checklist serves as your roadmap to navigating the nuances of GSA schedule 70 contract renewal. Be proactive, stay organized, and keep your eye on the goal: providing high-quality IT services and solutions to federal agencies for years to come.

So, ready to renew your GSA schedule 70 contract? Start by following this comprehensive guide, and ensure that you continue to prosper in the federal procurement landscape.

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