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The Federal Acquisition Regulation (FAR) is the principal set of rules regarding Government procurement in the United States, [1] and is codified at Chapter 1 of Title 48 of the Code of Federal Regulations, 48 CFR 1. It covers many of the contracts issued by the US military and NASA, as well as US civilian federal agencies.
If FAR Part 13, simplified acquisition is used, then a contracting officer can select from a range of processes including Government Purchase Card (GPC) for purchases under the micro-purchase threshold (see definition section of FAR for current value (for example, in U.S., it is currently $2,500), simplified acquisition threshold (see FAR ...
The Federal Acquisition Regulations (FAR) in chapter 1 are those government-wide acquisition regulations jointly issued by the General Services Administration, the Department of Defense, and the National Aeronautics and Space Administration.
Government procurement and government contracting by public authorities in the United States accounts for about US$7 trillion annually; [17] the central purchasing agency is the General Services Administration (GSA). Federal procurement is governed by the Federal Acquisition Regulation.
Because the FAR is the law, and government contractors are presumed to be familiar with the FAR, a mandatory clause that expresses a significant or deeply ingrained strand of public procurement policy will be incorporated into a Government contract by operation of law, even if the parties intentionally omitted it. [1] [2]
With $48.666 billion in business with the U.S. federal government, Lockheed Martin, based in Bethesda, Maryland, is the largest U.S. federal government contractor. The Top 100 Contractors Report (TCR 100) is a list developed annually by the General Services Administration as part of its tracking of U.S. federal government procurement.
[2] [3] OFPP provides overall direction for government-wide procurement procedures and "to promote economy, efficiency, and effectiveness in acquisition processes." OFPP is headed by an Administrator who is appointed by the President and confirmed by the Senate. [ 4 ]
Title III (sections 301-310) outlines policies for the application of federal procurement and methods for acquisition procedures, electronic commerce capability, competition, solicitation of services, evaluation, and validation of proprietary data. Additionally, regulation of interaction between contracting agencies and the GSA is detailed here.