The Federal Acquisition Regulation (FAR) is the principal set of rules in the Federal Acquisition Regulation System. The FAR System governs the "acquisition process" by which the federal government purchases (acquires) goods and services. The process consists of three phases: (1) need recognition and acquisition planning, (2) contract formation and (3) contract administration. The FAR System regulates the activities of government personnel in carrying out that process. The FAR System is codified at Title 48, Chapter 1 of the United StatesCode of Federal Regulations. While nearly all federal government agencies are required to comply with the FAR, some agencies are exempt (e.g., theFederal Aviation Administration and the U.S. Mint). In those cases, the agency promulgates its own specific procurement rules. The remainder of the FAR System consists mostly of sets ofregulations issued by agencies of thefederal government of the U.S. to supplement the FAR.
Small businesses interested in pursuing federal contracts have many options available to represent their company to potential buyers, to research federal marketplace for available opportunities and understand the competition. The U.S. federal government is America’s largest employer and world’s largest buyer of goods and services. Federal contracting presents a massive opportunity for vendors in all industry verticals, from infrastructure projects to I.T. projects to the vast array of business services needed by those in the federal government.
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