FAR (Federal Acquisition Regulation)

The Federal Acquisition Regulation (FAR) is a set of rules that govern how U.S. federal government agencies purchase goods and services. It ensures that procurement processes are fair, transparent, and efficient while promoting competition among suppliers. FAR covers everything from how contracts are awarded to the responsibilities of contractors and compliance requirements. The goal is to protect taxpayer interests, ensure quality, and maintain integrity in government spending. Essentially, it serves as a guideline to help agencies make informed purchasing decisions while adhering to legal and ethical standards.