Federal contractors face unique challenges in managing the contracts they receive from the government. The documentation, compliance, and audit requirements for a federal contract are exponentially more complex than that of a typical commercial contract, and the stakes for non-compliance or a failed audit have never been higher.
– Brent Calhoon, Baker Tilly
Government Contractor Advisory (GCAS) Division
The DFARS Contractor Business Systems Rule (DFARS 252.242-7005, finalized in February 2012) establishes requirements for six different business systems including a contractor’s accounting and procurement system which would both be supported by Spectrum’s Contract Lifecycle Management system. Finding “significant deficiencies” in these systems can allow the Contracting Officer to withhold up to 10% of progress payments. Deficiencies in these systems can also impact past performance ratings and eligibility for future awards.
The only system to fully support federal contracting out-of-the-box
SpectrumCLMTM is the only solution to offer native FAR/DFARS compliant contract management and support the level of complexity and regulation that is routinely found in government. In fact, SpectrumCLM is powered by the same software technology that powers PRISMTM, the most successfully implemented acquisition and contract management solution across the government today (used by more than 100 federal civilian, defense, and intelligence organizations).
SpectrumCLM offers full contract lifecycle management from bid through contract award and modifications to final closeout. SpectrumCLM also helps companies create and manage all the related subcontracts and sourcing materials needed to support the prime contract while capturing important documentation such as teaming agreements, NDAs, OCI Vetting and Subcontracts. It even prepares important supporting documents and reports such as contract briefs as well as other reports to support incurred cost submissions
SpectrumCLM is a web-based, zero-footprint solution that can support users around the globe, even in mobile or teleworking environments. It is typically provided to customers in a convenient software-as-a-service (SaaS), hosted deployment and support model.
New Defense Rules Might Cost Contractors Money Washington Technology
Contractors Prepare for New Rules on Their Business Systems | Washington Post
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