Know About the Time Frame Of 5 Years GSA Schedule Contract

If you are looking forward to getting a GSA contract, there are basic areas that you need to review before submitting your offerings to the GSA. Make sure to consider these areas before investing time and money in pursuing a GSA Schedule contract. 

This blog will let you know about all the time duration which will help you understand the phases of the contract. All the years of contracts are segmented into various concerns and activities.

The GSA Schedule is a long-term governmentwide contract with commercial companies and federal contractors. Federal customers get access to millions of commercial products and services at reasonable and balanced prices.

After reading this piece of content you will be able to understand the time frames of the GSA Schedule contract vividly. So let’s understand the 5 years GSA contract.

Two years in business

You need to provide two years of financial documents, so if you have a start-up company then it is most likely you need to wait. So basically, applicants for GSA Schedule contracts need to gather enough experience and generate revenue in order to obtain GSA Schedule contracts. You must have at least two years of experience before you dive into the procurement process of contracting.

However, there is an exception! If you are going to pursue IT Schedule 70 then there is a program called ‘Start-up Springboard’. It will allow you to submit without having 2 years of experience.

Remember that GSA contracts last for 20 years. These are 5 years options with 3 renewals.

How long does it take to acquire a GSA Schedule contract?

The time duration of acquiring a GSA Schedule contract has been divided into two parts.

• Preparation for your proposal.

• The review process of your proposal by GSA and negotiation of your contract award.

It takes quite a long time to make adequate preparation. You can choose to prepare a proposal by yourself, but remember it can take anywhere from a few months to over a year. Once you are done preparing your proposal you can submit it to GSA.

Reviewing process is considered to be the second stage which will determine whether you will get a GSA Schedule contract or not. The review time may vary depending on the category of the GSA Schedule that you are pursuing. The process of reviewing may take up to three to four months. Once your proposal is accepted you can get into the 5 years GSA contract.

What is a GSA Schedule option extension?

When you are done obtaining a GSA Schedule contract, it is divided into four sections. Each section contains 5 years option period. In total the time duration of the GSA Schedule contract becomes 20 years.

Six months before starting your 5 years option period, your contracting officer will send you an email regarding a contract option extension. This type of extension is needed to renew your contract for the next 5 years. So the 5 years GSA contracts can be extended up to twenty years. 

Summary

Here is the summary of the complete timeframe of the GSA Schedule contract. Do check the list given below for a better understanding.

• Each section of the GSA contract duration is five years. That is why it is known as 5 year GSA contract. 
• You need to submit at least two years of financial documents. 
• You need to gather at least two years of experience. 
• With IT Schedule 70 you can obtain a GSA Schedule contract without gathering any experience. 
• GSA Schedule contracts last for twenty years.
• There are three renewals available to continue the contract for twenty years.
• It takes a few months to over a year to prepare a proposal for acquiring a GSA Schedule contract. 
• The reviewing process of a proposal may take three to four months though it varies depending on the category. 
• GSA Schedule contract is divided into four sections of five years. 
• With the extension option, you can continue to be engaged with the GSA contract for the next five years.

Conclusion

As we can understand that acquiring a GSA Schedule contract is a time-consuming process so it is better if you don’t waste any more time and start preparing for your goals. 5 year GSA contractis quite a long time and that is why these contracts are considered to be a stablesource of income. You can extend the period of your contract up to twenty years, so you need to stay committed for a long time.