Why Expiring Term Contract Notifications Are Important for Your Business' Growth

When looking for your next bid opportunity, you may come across something known as expiring term contracts. These are contracts that have already been awarded with a set start date and end date that can last anywhere from 1 to 2 years or even 5 to 10 years. When that term contract expires, there’s a possibility that the agency may want to re-issue the bid opportunity or something very similar to what was requested in the initial contract. They can either decide to go with the same business they worked with before, or they may be looking for a new supplier to take over the contract. This can be your opportunity to submit your bid and try to win the next term contract.

How To Find Out About Expiring Term Contracts

You may never know that a term contract is set to expire soon if you’re not actively keeping tabs on all the bid opportunities that align with your business. You could end up missing out on a great contract for your business as a result. By utilizing a bidding solution like Bidnet Direct, we’ll notify you when a contract is set to expire soon so you can keep an eye on it and see if the agency ends up re-issuing the opportunity. This is made possible with our daily bid notification feature that you will have access to as a registered vendor. You will be automatically notified of matching bids, addenda, awards, and expiring term contracts so that you never miss out on important opportunities.

How To Start Receiving These Notifications

All you need to do to start getting notified is to make sure you add the proper NIGP category codes to your profile, which are product and service codes that government agencies use to classify what they’re looking for, along with keywords that you can add to your profile that also identify what you provide. Say you’re looking for computer equipment contracts, once signed in, you’ll want to go to the NIGP categories section and scroll through the list, or type “computer” or “computer equipment” into the search bar and select all the codes that relate to what your business sells. Same with the keywords section; you can search for bids by keywords and even save those searches to go back and view all the new opportunities at any time. There will be an option in your bidding profile to then check the box that you want to receive daily email alerts and then you’re all set.

Now whenever we find an expiring term contract that matches with your business, you’ll receive an email stating that a term contract is ending soon and it will provide you with the name of the bid, buying organization, published date, approximate end date, and a link to the bid opportunity.

What Can You Do to Prepare?

Receiving these notifications can give you a leg-up over your competition and give you time to prepare and do your research on the agency and what the contract may entail. You’ll be able to view the documents, specifications, who requested the documents when it was open to bid on, and even what the contract was awarded for. This will give you a chance to see if you can better provide what was being requested, and at a more competitive price. Now if the contract is re-issued, you’ll be all ready to put your best bid forward and potentially have a better chance at winning the contract.

Start growing your business and get notified of the opportunities that matter to you by registering today! Stay ahead of the game by getting alerted of expiring term contracts so you can better position your business for future opportunities that you decide to go after.