Knowing More About Federal Acquisitions Regulations

When you search the term “FAR” on the internet, you will get loads of results. However, today, we are here to talk about Federal Acquisition Regulation .

Well you must be knowing that when products or services are provided, the revenue can be diversified and the profitability can be increased to a great extent. However, the process of purchasing is governed by lots of rules and regulations.

In case you get a contract, you are bound to abide by these FAR regulation. The rules prove that there is consistency and that there is some standard to be followed. If these rules aren’t understood properly then you might have to face various accounting and legal costs. Understanding the provisions is really very essential.

Some provisions are unique; these provisions might be about payments, contract termination as well as about work scope. Some of them might be related to testing, inspection, delivery of goods etc. The references need to be understood properly. Also, there are certain websites that help you spot differences in clause and search for whatever you want.

There are total 53 sections in FAR and every aspect has some different rule and acquisition process. In the first twelve ones, there are matters of acquisition while in the remaining one, there are topics like contract administration, labor laws etc.

Every agency of government can issue its supplement to the same. Now here is where Defense Federal Acquisition Regulation Supplement comes into picture. They are just supplements and you can’t replace or modify.

While dealing with a particular agency, you need to ask which of them are applicable. For this, you need to study the clauses properly with the help of certain websites. It is also seen that some agencies have separate i.e. own rules.

Under FAR 30 come all sorts of accounting rules, procedures as well as cost principles. It is essential for the contract to be covered by Cost Accounting Standards. Cost pools must be reduced as well.

Some costs that aren’t allowed include bad debts, advertising, entertainment, penalties, fines etc. Negotiation can be done with contracting officer. Everything should be documented and specific contract terms must be identified and highlighted.

Terms and regulations in different contracts might differ. However, there are exceptions in different contracts. The exception duration needs to be mentioned and discussed properly.  Also, you can seen help of several service providers with regards to FAR.

Some people might prefer discussing current contract while some might like discussing future ones.

You can also read different websites as they will completely assist you in this process.

For more info:- DFARS clauses