Federal Procurement refers to the process by which United States federal government acquires goods, services, and works. This involves activities from the initial planning and need recognition to the contract administration and final payment. The aim of federal procurement is to ensure that the government receives the best possible value for the taxpayer’s money, which means obtaining the right product or service at the right time and the right price.
Federal procurement is regulated by a set of laws and regulations designed to promote fair competition, prevent corruption, and protect the interests of the taxpayer. These include Federal Acquisition Regulation (FAR), which provides uniform policies and procedures for acquisition. The process itself is managed by procurement officers within various government agencies who are responsible for soliciting bids, evaluating proposals, and awarding contracts.
