U.S. federal contracting is the process by which the government acquires goods, services, and construction projects from private companies. Key aspects include:
- Regulatory Framework: Governed by the Federal Acquisition Regulation (FAR).
- Contract Types: Includes fixed-price, cost-reimbursement, and time-and-materials contracts.
- Acquisition Process: Involves market research, solicitation, evaluation, award, and administration.
- Competition Requirements: Promotes fair competition, with exceptions for sole-source contracts.
- Small Business Set-Asides: Programs to encourage small business participation.
- Contract Compliance and Oversight: Ensures contractors meet obligations through monitoring and audits.
- Contracting Agencies: Agencies like the DoD, GSA, and VA manage their own procurement.
- E-Procurement: Uses portals like SAM for efficiency and transparency.
Federal contracting ensures government procurement is fair, transparent, and provides value to taxpayers. It is a great way for businesses to get more work and take advantage of inclusive government programs. Start the process of becoming a Government Contractor by completing your SAM Registration with USBRI.