What does FAR stand for in the context of federal procurement?

In the context of federal procurement, FAR stands for the Federal Acquisition Regulation. This is the primary regulation governing the procurement process by which federal agencies acquire goods and services. The FAR provides uniform policies and procedures that agencies must follow, ensuring accountability, transparency, and fairness in federal contracting.

The importance of the FAR lies in its role in establishing the legal framework for federal procurement, guiding contracting officers and representatives in their responsibilities. It covers various aspects of the acquisition process, including contract types, competition requirements, procedures for evaluating offers, and rules for contract administration.

Understanding the FAR is essential for anyone involved in federal contracting, as it helps ensure compliance with federal laws and policies, thereby promoting effective acquisition practices and prudent use of taxpayer dollars.