Federal Government Contracts: Overview

by Erin L. Toomey, Foley & Lardner LLP, with Practical Law Commercial Transactions

A Practice Note providing an overview of the federal government contracting process. This Practice Note examines the key regulations governing this area, including the Federal Acquisition Regulation (FAR) and agency supplements like the Department of Defense FAR Supplement (DFARS). It explains how to become a US government contractor and reviews various procurement types, such as sealed bids, negotiated procurements, and Federal Supply Schedules (FSS), as well as different contract structures like fixed-price and cost-reimbursement. The Practice Note also addresses specific requirements unique to government contracts, covering critical areas such as the Cost Accounting Standards (CAS), US export controls, foreign acquisition rules, and emerging cybersecurity mandates like the Cybersecurity Maturity Model Certification (CMMC). Furthermore, this resource discusses the processes for handling bid protests and contract disputes, and reviews the significant risks associated with fraud enforcement, including potential False Claims Act liability, while emphasizing the importance of implementing an effective compliance program to manage these complex obligations.