What is the Federal Acquisition Regulation?

The Federal Acquisition Regulation (FAR) serves as the primary set of rules in the acquisition process of goods and services by the US government. Its primary purpose is to ensure that the procurement process is conducted efficiently, effectively, and with integrity. The FAR provides a comprehensive framework for government agencies to manage the entire lifecycle of federal acquisitions, from planning and contract awarding to management and closure. It aims to achieve fairness in competition and procurement practices, ensure that the government receives the best possible value for taxpayer dollars, and maintain a clear and transparent process that upholds public trust. By standardizing procurement procedures across all federal agencies, the FAR helps to minimize complexity, improve efficiency, and enhance the effectiveness of government procurement.