Government contracts law is comprised of all the statutes, cases, rules, regulations, and procedures with which any company must comply to do business with the government Businesses contracting with the government face rules and regulations in virtually every aspect of making, performing, and eventually terminating a contract with an agency or department. Many of these rules were put in place to avoid favoritism and to give all bidders fair access to be awarded a contract. Additionally, the competitive bidding process is intended to ensure the lowest price for certain goods.
Terms to Know
- Appropriation: In governmental accounting, an expenditure authorized for a specified amount, purpose, and time.
- Bid Protests: The General Accounting Office (GAO) forum for bidders seeking federal government contracts who believe that a contract has been (or is about to be) awarded in violation of the law.
- Comptroller General: The accounting officer of the U.S. who investigates financial claims against or on behalf of the government.
- Federal Acquisitions Regulations (FARs): Regulations established to codify uniform policies for acquisition of supplies and services by executive agencies.
- General Accounting Office (GAO): The federal government office that carries out legal, accounting, auditing, and claims settlement functions with respect to government programs and operations.
Changes may occur in this area of law. The information provided is brought to you as a public service, and is intended to help you better understand the law in general. It is not intended to be legal advice regarding your particular problem or substitute for the advice of a lawyer.