Top 3 GSA Fines- Prevent and Stay Compliant
Failing to be compliant with your GSA contract can lead to serious consequences. The best way to make sure that your actions comply with all regulations and with your contract is to hire an experienced industry professional who has insight and knowledge into compliance issues. Take a look at these 3 common fines levied by GSA and how to avoid them:
Top 3 GSA Fines
1. False Claims- Preventing false claims accusations involves actively paying attention to and extending any commercial price reductions to the government as well as billing federal clients at the prices designated on the negotiated price list. If GSA performs an audit or has suspicions of a false claims filing, it could cause serious consequences such as GSA fines or contract revocation.
2. Reporting Sales Incorrectly- Failure to remit full amount of IFF or neglecting to report accurate sales will cause similar consequences, fines and possible contract revocation. To prevent this, keep detailed and accurate records and set up a procedure for reporting sales to GSA on a quarterly basis.
3. TAA Compliance- Offering products or services that are not TAA compliant can lead to fines, and having your GSA contract revoked. In order to prevent this, it is important to review the TAA regulations and to look at the list of designated countries and become familiar with it.