An Acquisition Professional’s Overview of Federal Acquisition Regulations (FAR)
Entering the world of federal acquisitions can feel like traversing a big and complicated maze. The Federal Acquisition Regulations (FAR), a crucial regulation that oversees the acquisition process by which the federal government purchases products and services, are at the center of this complicated world. Understanding FAR might be challenging due to its broad scale. This article will provide a brief overview of FAR, its characteristics, importance, and tips for navigating it. This guide is intended for anyone interested in learning about the specifics of acquisitions, whether they are aspiring federal employees or contractors.
Origins and Oversight of the Federal Acquisition Regulation (FAR)
The Federal Acquisition Regulation, or FAR as it is more commonly known, is not your typical regulatory framework. It serves as the cornerstone of the federal government’s acquisition and procurement processes. The FAR serves as the playbook every time a federal agency seeks to acquire goods or services using money allotted to it. The National Aeronautics and Space Administration (NASA), the General Services Administration (GSA), and the Department of Defense (DoD) collaborated to create the FAR. FAR creates a uniform acquisition standard, ensuring fair practices and outlining specific procurement procedures.
