Be prepared for the rules and regulations you must follow.

Expanding your business into the federal marketplace can be lucrative, and provide numerous growth opportunities. But, winning a federal contract also means complying with laws and regulations unique to those doing business with the government. Be prepared for the rules and regulations you must follow by knowing what they are.

The Federal Acquisition Regulation (FAR) is a substantial and complex set of rules governing the federal government’s purchasing process. Its purpose is to ensure purchasing procedures are standard and consistent, and conducted in a fair and impartial manner.

So whether you are a small business owner or the contracting official, it is important to understand FAR. There are many costly pitfalls if you don’t take the time to understand the provisions in your contract, which often reference areas of the FAR.