Washington DC (PRWEB) December 23, 2015
A leading 3rd party Federal registration entity Federal Transaction Services has announced the formation of the Federal Requisition Initiative, also referred to as FRI. With the FRI platform, Federal contractors will now go through an extensive due diligence process prior to pursuing a Federal contract in order to ensure that the contractor meets blanket entity requirements normally needed to pursue any contract in the Federal marketplace. Some of these FRI requirements include:
> 1. The contractor must have at least $100,000 in sales for the last 2 years
> 2. The contractor must have demonstrated a potential for success in the Federal marketplace
> 3. If the contractor does not meet the $100,000 in sales requirement, the contractor must present an executive summary carefully detailing their proposed plans for generating the requirement revenue for 2015-2016
> 4. The contractor must be offering a product or service that the Federal Government is currently requirement to procure
Some of the industries that require contractors immediately are health care, security, staffing, aerospace, defense, logistics, and others. When contractors participate in the Federal Requisition Initiative, the first thing that occurs is the assignment of a Case Manager to manually review the contractors Federal profile. From here, the Case Manager will then thoroughly vet the credentials of the contractor. Some of the data points that will be reviewed are:
> A. Basic compliance data (company name, address, PSC codes, NAICS codes
> B. Core competencies (what does your company do WELL that the Government NEEDS)
> C. Past performance (has your company done business with the Feds before and with WHOM)
> D. Annual federal budget (total Federal dollars allocated to contractors with specific NAICS codes)
Once the contractor has been thoroughly vetted via the initiative, the contractor will be required to display a "fully vetted" seal that will alert contractors that the contractor has been fully vetted by a qualified 3rd party and is ready to submit bids or respond to RFP's.
Contact the agency to learn more about the requirements for this initiative by calling a Case Manager directly at (202) 798-5903.