American Contracting with the Federal Government Essay

American Contracting with the Federal Government - Essay Example Now the fastest growing sectors are business services, legal services, insurance and real estate". (Overview) SECTION 8 (a) "Share of Prime Contracts. The U.S. Small Business Administration's "Section 8(a) businesses" are minority-owned businesses, as defined by the federal government. "Prime Contracts" means these minority businesses were given the main contract, without competition, because their owners are the correct race. Federal minority contract awards - without competition - totaled $6.67 billion." (Description) SDB: "SDB's are minority-owned businesses, as defined by the federal government. "Share of Subcontracts" means that the government dictated to the prime contractor that he/she must hire a certain number of minority subcontractors. In this category, federal minority subcontract guarantees - without competition - totaled $4.1 billion!." (Description) WBE: ""Share of Prime Contracts" means that these women-owned businesses were given the approved percentage of prime contracts without competition from white, male-owned businesses, because the recipients were the correct sex. In this category, federal women-owned business contract awards - without competition - totaled $3.86 billion!" (Description) "The execution of your contract (signing by both parties) is a key benchmark in government contracting. It triggers several events such as the start of the period of performance and the delivery schedule time period. Execution begins a billing period start date and contractual obligations by the government and the contractor". (Contract work Authorization) Moreover, "You should 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