Federal Procurement Policy refers to a set of guidelines and rules that outline how U.S. federal government should acquire goods and services. This policy is designed to ensure that all procurement actions are conducted in a manner that provides the maximum benefit to the government, while maintaining fairness for all parties involved. The primary objectives of this policy include improving efficiency, promoting competition, ensuring transparency, and maintaining the integrity of the federal procurement process.
Office of Federal Procurement Policy (OFPP), a division within Office of Management and Budget (OMB), is responsible for establishing government-wide procurement policies. It provides overall direction for government-wide procurement procedures, develops and maintains procurement regulatory frameworks such as Federal Acquisition Regulation (FAR), and promotes best procurement practices across federal agencies. Understanding Federal Procurement Policy is essential for any entity looking to do business with the federal government.
