Acquisition Management Adhering to Federal Acquisition Regulations

The Federal Acquisition Regulation is a set of rules regarding Government Procurement and is designed to keep federal purchasing and awarding of contracts transparent and fair. The regulation contains standard solicitation provisions (requirements, notices and instructions for firms that are competing for contracts) and contract clauses.

Know Your FAR

Regarding FAR, prospective contractors are presumed to be familiar with the law – ignorance is no plea. A contract that has already been awarded may even be challenged or set aside if a protester proves that the contracting (federal) agency or the contract awardee did not comply with FAR requirements. A protest may even result in reconsideration of the decision. (Although it does not automatically follow that the party who protested will receive the contract, but often the government department concerned may have to pay the protestor’s expenses.)

Good Business Practice

A large part of the Federal Acquisition Regulation is about ensuring that business is conducted fairly, openly and with integrity. Maintaining the public’s trust is crucial for business transactions. This means that while a corporation is contracted to government agencies and individuals, its employees must be responsible, accountable to the company, experienced and professional. The employees represent the business and federal regulations at the same time. So, they must be conscious of the doubled responsibility that carries to the commercial world and the American taxpayer too.

Legal Counsel

To adhere to the FAR, a company may need to hire a lawyer who can assist with the activities, actions, and behavior of all stakeholders—employees, management, and shareholders. A legal representative can review contracts in a timely way, ensure that the business stays within the stipulations of the FAR and verify that the terms of the government contract are valid and legitimate.

Agency FAR Supplements

Some Federal Government agencies have developed their own supplements to the FAR. These supplements must be viewed in addition to the Federal Acquisition Regulation and provide additional guidelines and parameters to contracts with those agencies such as Defense Federal Acquisition. There are over 30 supplements such as Defense Federal Acquisition Regulation Supplement (DFARS); Department of Treasury Acquisition Regulation (DTAR) and NASA FAR Supplement (NFS). For more information about supplements of agencies or agencies that you are pursuing go to: https://www.acquisition.gov/content/regulations

Know the FAR as it applies to your company and reap the rewards. Contact Dimensional Concepts to find out more about our customized, innovative acquisition management solutions.