The goal is to ensure that the government's funds are used efficiently and effectively, in compliance with legal and regulatory requirements.
The government's award management system typically includes several key components such as:
Solicitation and proposal development: This includes the development of request for proposals (RFPs) or request for quotations (RFQs) and the management of the proposal review and selection process, that are publicly advertised to attract vendors and suppliers to submit their proposal or bid.
Contract and grant administration: This includes the negotiation, execution, and monitoring of contracts and grants. This step also includes the management of any necessary modifications or amendments to the contract, making sure that the terms of the contract are met and the vendor is providing the goods or services that are agreed upon.
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