Unique Entity, Identifier (UEID)
WRAP Rates/Billing rates
Gov to English translation: The amount you charge above your costs to do the work on a contract
What it is: Your bid price on any given contract is a function of two things
Direct costs: The amount it cost to you to do the work that the government has requested. For example:
1) The amount you pay the employees doing the work
2) The cost of the products you use/sell to the government
Indirect Costs: All your other expenses. So, for example
1) The cost to rent your office
2) T`he cost of your accountant
Your WRAP rate is the ratio of your direct costs and your indirect costs. So, for example, a common small business wrap rate is 1.6 which means that if it costs you $100,000 to do the work you will charge $160,000
Why this is important: As a small business, one of your major selling points to partners, and the government is that you’re efficient and can deliver products and services for less than big vendors. And the wrap rate is a quick way to communicate just how cheap and efficient you are.
So in general, the lower your WRAP the more attractive you are to partners and customers
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