Strayer University Week 4 Contracting and The Far Paper

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WEEK 4

Contracting and the FAR

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WEEK 4
Contracting and the FAR
The Federal Acquisition Regulation (FAR)
The Federal Acquisition Regulation (FAR) can be defined as a set of regulations that
outline the rules that the Federal Government is required to adhere to when acquiring services
and goods with procurement contracts (Kluwer, 2021). It was established for the publication and
codification of uniform procedures and policies for acquisition by all executive agencies. It
defines ‘acquisition’ as the acquiring by contract with allocated funds of services or supplies for
and by the use of the Federal Government through lease or purchase, whether the services or
supplies already exist or must be generated, produced, displayed, and examined (Kluwer, 2021).
The FAR is found in Title 48 of the Code of Federal Regulations. It comprises 37
Chapters containing regulations that apply to all agencies, as well as various agency supplements
plus the Cost Accounting Standards. It is considered the prime source of federal government
contracting regulations. So far, it is maintained and issued by the National Aeronautics and
Space Administration, the General Services Administration, and the Department of Defense
(Kluwer, 2021).
The FAR plays a major role in publishing uniform pr…