Federal procurement refers to the process by which the U.S. government acquires goods and services from private companies. This process is governed by specific laws and regulations to ensure fairness, transparency, and competition among suppliers. Federal agencies must follow these guidelines to obtain the best value for taxpayers. The procurement process typically involves several steps, including identifying needs, soliciting bids, evaluating proposals, and awarding contracts. Federal Acquisition Regulation (FAR) provides the framework for these activities, ensuring that all parties adhere to established standards and practices. This system helps maintain accountability and efficiency in government spending.