The federal acquisition regulation (FAR) is a set of rules and regulations stipulated in federal acquisition regulations system. The federal acquisition regulations systems consist of set of regulations stipulated by agencies of the federal government of United States which is aimed at governing acquisition process. In its position acquisition process is a process through which the government acquires both the goods and services.
The acquisition process encompasses three phases whereby in the first phase there is need recognition and acquisition planning. This is where by the deficiency is recorded and steps are taken to order for what is lacking. In the second step there is a contract formation where all legal procedures are adhered to so that it can enable the involved parties to have legal obligation to one another. Then there is the final phase whereby the contract administration is done.
It is the duty and obligation of the federal acquisition regulation personnel to carry out these processes in the government. The federal Acquisition Regulations doesn’t regulate the purchasing activities of private sector firms, except to the extend that parties of it are incorporated into government solicitations and contracts by reference (http://oamp. od. nih. gov/Division/acp/AcqCertification/FederalAcquisitionCertificateInContracting. asp).
The federal acquisition regulation derives its code of conduct from the code of federal regulations in title forty eight (48) of the United States. FAR is issued pursuit to the office of federal procurement policy act of 1974 chapter 7 which has statutory authority to issue and maintain the FAR resides with the secretary of defense, the administrator of general services, administrator national aeronautics and space administration subject to the approval of the administrator of federal procurement policy.
Nearly all government agencies are required to comply with federal acquisition regulation and that why the federal courts says that the federal acquisition and its agencies have force and effect of law (http://oamp. od. nih. gov/Division/acp/AcqCertification/FederalAcquisitionCertificateInContracting. asp).