Government contracting refers to the process by which federal government agencies purchase goods and services from private companies or individuals. These contracts can include construction projects, IT services, defense equipment, and more.
Related terms
Federal Acquisition Regulation (FAR): The FAR is a set of rules and regulations that govern the acquisition process for federal agencies. It provides guidelines on how government contracts are awarded, managed, and performed.
Small Business Administration (SBA): The SBA is a U.S. government agency that supports small businesses and entrepreneurs. It provides resources, loans, and assistance to help small businesses compete for government contracts.
Competitive Bidding: Competitive bidding refers to a procurement method where multiple vendors submit proposals or bids for a contract, allowing the government to select the most advantageous offer based on factors like price, quality, and qualifications.