Assignment 2: Bidding on a Contract with the NavyDue Week 4 and worth 150 pointsBased on the same scenario as in Assignment 1, imagine that you have received a Request for Proposal (RFP) #123456789, dated 07/14/2014. You also find out through a reliable source that a local competitor has also received an RFP for a similar type of product and service. Due to this, you will be required to negotiate the contract, and will need to consider the contract specifics.Write a two to three (2-3) page paper in which you:Suggest three (3) ways in which the basic concepts of the FAR Policy would mutually benefit your small business and the Navy.Determine the method that you will use for solicitation of a bid. Next, explain why the Navy is likely to choose your company in the sealed-bidding process.Use at least three (3) quality references Note: Wikipedia and other related websites do not qualify as academic resources. Your assignment must follow these formatting requirements:Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are:Interpret the Federal Acquisition Regulation (FAR) to determine requirements and resolve issues.Explain the government acquisition process using sealed bidding, negotiations, and alternative contracting methods.Describe the various types of contracts and considerations for their use.Outline and explain the process for developing competitive proposals and source selection.Use technology and information resources to research issues in federal acquisition and contract management.Write clearly and concisely about federal acquisition and contract management using proper writing mechanics.Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and