U.S. Federal Acquisition Regulation (FAR)

The U.S. Federal Acquisition Regulation (FAR) is a set of rules that govern how federal agencies buy goods and services. It ensures that the procurement process is fair, transparent, and efficient, promoting competition and ensuring taxpayer money is spent wisely. The FAR outlines procedures for contracts, from how to solicit bids to how to manage contracts once awarded. It's essential for maintaining accountability and integrity in government spending, providing guidelines that help agencies make informed decisions and comply with legal requirements.