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Blog | 12.19.22

What Are Expiring Term Contracts and How Can They Benefit Your Business?

As you’re looking for your next government bid opportunity, you may have come across expiring term contracts. These are contracts that have already been issued and awarded and typically have a set start and end date. Many times, they can last for a shorter period like 1-2 years or a longer period like 5-10 years. Either way, at some point the contract will come to an end and there’s a possibility that the agency may decide to re-issue the opportunity or something very similar to what was being requested. If that’s the case, the agency can either decide to choose the same business they worked with before or they may be looking for someone new to take over the contract. This provides a great opportunity for your business to jump in and possibly win that next term contract.

Where to Find Expiring Term Contracts

A lot of times you may not even realize a term contract that relates to the products and services your business sells may be set to expire soon. It can be hard to keep up with everything on your own. By utilizing a bidding solution like Periscope S2G, you’ll be able to see in the bid description whether a new open bid is going to be a term contract, or whether a closed bid that has already been awarded has a term that’s going to expire soon. If you see that a closed bid is set to expire soon, you can add it to your favorites and check back every so often to see if the agency decides to re-issue the bid or not, so you can get out in front of that opportunity.

How to Prepare Your Business

By knowing this information, you can gain an advantage over your competitors, giving you time to prepare and do more research on the agency and what the contract may involve. You’ll have access to the bid documents, specifications, awardee information, companies that were interested in the opportunity, and more as a registered supplier on Periscope S2G. This can help you decipher whether you can better provide what’s being requested and at a more competitive price point. If the contract does end up getting re-issued, you’ll have already prepared your business and done your research and can put forward a competitive bid, possibly winning you the contract.

Find Your Next Contract

Expiring term contracts are great to keep an eye out for and can prove to be very beneficial and lucrative. Start growing your business today and take advantage of all the features Periscope S2G can offer to make the bidding process as seamless as possible. Get registered today and start writing those proposals that could very well score you your next big contract.