Thriving high in the business world is the common goal for every potential entrepreneur. However, it is not easy and requires ardent determination and focus along with adroitness to grab immediate and surrounding offers. One of the most viable options for the small corporate firms in the US to excel in their line of business is by getting into federal contracting and securing their flow of income.
Existing in the federal market is one of the biggest challenges for the small and mid-sized business in the US. With thousands of new corporate firms emerging every day, it has become a common issue for the existing business entrepreneurs to secure their position in the market. GSA–General Service Administration is a federal body that comes as a rescue for the small business firms in the US. This federal body in the US offers the option to small companies to get into government contracting via a GSA Schedule Contract and bid for the hugely funded federal projects.
GSA is a significant federal part of the US government, which is accountable for providing value-added goods and services to all the federal firms by establishing a GSA Schedule Contract with small business firms. GSA is specialized in negotiating the contract price and buys goods in bulk as an attempt to save the time and assets of the corporate firms. Such contracts should be in sync with the business act, known as Trade Agreements Act of 1979. It is required to comply with the Trade Act since it will guarantee the security of the goods and safeguard the bond with US government and country of origin of the products. However, market research states that in few instances the commercial suppliers endeavor to sell their goods and services to GSA, which does not meet the federal standard.
TTA–Trade Agreements Act, established in 1979, prescribes the trade agreement built between various other countries and the US. Few nations, which are termed as designated countries, abide by the TTA. Hence, it is quite likely that GSA may form business agreements with such firms that buy products and services from such nations. Nevertheless, there are few nations, which do not act in compliance with the rules and standard prescribed by TTA. The GSA is restricted from establishing contracts, which include products and services from non-submissive nations.
The essence of a Trade Agreement Act cannot be neglected. Inability to obey the TTA will prohibit the nations from establishing contracts with the US countries. Such nations may include Taiwan, Malaysia, China, India and Thailand. Such nations produce and export a great deal of goods, which are generally used in the US. However, because they do not comply with the Trade Agreement Act, the GSA may not offer products of such countries to federal firms. In few cases, certain firms try to deceit the GSA and offer them goods, which are not of federal standard.
The TTA was prepared with the notion to safeguard the interest of the federal employees from any kind of damage and to ensure that the goods availed by federal firms are offered by nations meeting the US standard.