The Federal Acquisition Regulation (FAR) is very important to any business looking to gain government funding or contracts. These regulations define how the government interacts with businesses and what it requires of businesses. However, the FAR is very dense with its rules, consisting of over 2,000 pages. To help you get a grasp on what it requires, here’s a brief guide to federal acquisition regulations.
A lot of the FAR deals with defining important terms to standardize regulations and give hard answers to how businesses and regulations should interact. This is very important; without a solid definition of these terms, it would be difficult to know if your business counts as a small or large business and which rules apply to you.
How To Interact with Businesses
One of the major purposes of the FAR is to regulate how the government interacts with businesses. A private business has a right to its own practices, but to receive federal funding or contracts, it must interact with the government. The FAR stipulates how the government does that and what’s expected of both sides.
Getting a government contract or funding isn’t too difficult, but it does require businesses to follow the government’s requirements. The FAR lays out these requirements so that everyone knows what they need to do. You’ll need to follow these regulations to keep your contracts and funding—things such as proper acquisition laws and Form I-9 requirements, which are made easier with I-9 verification services.
Another part of the FAR that you should keep in mind are the labor law requirements it sets. These are regulations that everyone must follow to be in good governmental standing. These include a minimum wage for employees.
The FAR also lays out a lot of ground rules about the quality of work the government must provide for you and the quality of work you must provide for the government. It mainly states that both sides must produce results that balance everyone’s needs and meet expectations. This is to ensure everyone gets the best work possible.
Now, this is just a brief guide to federal acquisition regulations. As we said before, there are thousands of pages to these regulations, but this is generally what the FAR talks about.