Tips for Winning Board Contracts
The information below provides additional guidance to supplement the video. If you have questions concerning a specific solicitation or quote, please contact the contract specialist listed in the solicitation. For general questions regarding the Board's acquisition process, please e-mail Marleitha G. Williams.
The Board looks for
- integrity and honesty
- adequate resources
- financial viability
- cost effectiveness
- past performance
Winning the contract depends on
- focusing bid on contract deliverables
- demonstration of technical capabilities
- quality of products and services
- comprehensiveness of timeline and schedule
- demonstration of quality past performance
- competitiveness of product and services price
Common proposal weaknesses
- failure to thoroughly address all proposal requirements
- failure to convince the Board that you can do the work
- failure to mitigate risk—be sure your plan mitigates all risks to the Board and its operations
Evaluation process
- clearly defined in the solicitation
- evaluates ability to meet requirements
- considers technical merits separately from price
- technical evaluation performed by a small group of Board technical staff against all proposal requirements
- technical evaluation that looks for clarity and comprehensiveness of the bid and expertise and experience of personnel offered
- price evaluation that takes into consideration price realism, balance, and offeror's financial viability
- calculation of best value based on technical and price (best value may not be low price)
The Board values
- plans that minimize risk to the Board and its operations
- an ability to complete the job within the established performance period
- a demonstration of technical performance and value enhancements
- a professional relationship that emphasizes partnership
Additional Tips for Submitting Proposals
- Completeness: Cover all aspects requested in proposal requirements section.
- Ask questions and observe process as during the solicitation process, you may only interact with Board procurement staff.
- Make risk-avoidance a priority as the Board is always looking to minimize risk to its operations.
- Stick to the request by aligning your proposal to the Board Statement of Work (SOW) and proposal requirements.
- Follow all proposals instructions outlined in Section L by clearly identifying responses to each requirement in the order requested. Ensure all proposals volumes are clearly labeled and contain all required information.
Tips for after the Contract is Awarded
Interactions with the Contracting Officer's Representative (COR)
- CORs are technical subject matter experts to provide technical direction only.
- The COR cannot
- change contract terms,
- change SOW requirements, or
- add work to the contract.
- Only Procurement can modify the contract.
Receipt of payment
- All goods or services must meet the terms of the contract.
- Invoices must reference the contract number and the appropriate Contract Line Item Numbers (CLINs), as listed on the contract.
- CORs approve payment for work completed.
- Payment is provided within 30 days of receipt of proper invoice and verification of work performed to satisfaction.
- Invoices are paid according to contract specifications.
Other Helpful Information
- The Board engages in vendor outreach events.
- The Board does not publicly post its solicitations.
- To review the Board's forecast and register your company to do business, please visit our website at https://www.federalreserve.gov/secure/vendorregistration.
- All bids must be directed to Procurement in accordance with the solicitation.
- The Board hosts pre-proposal conferences for solicitations when it believes that doing so will foster a better understanding of critical elements of contract performance.
- Sales/marketing pitches in the context of a solicitation are inappropriate. However, the Board hosts and attends vendor fairs during which sales pitches are perfectly acceptable.