Government procurement in the United States information
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In the United States, the processes of government procurement enable federal, state and local government bodies in the country to acquire goods, services (including construction), and interests in real property.[1]Contracting with the federal government or with state and local public bodies enables interested businesses to become suppliers in these markets.
In fiscal year 2019, the US Federal Government spent $597bn on contracts.[2] The market for state, local, and education (SLED) contracts is thought to be worth $1.5 trillion.[citation needed] Supplies are purchased from both domestic and overseas suppliers. Contracts for federal government procurement usually involve appropriated funds spent on supplies, services, and interests in real property by and for the use of the Federal Government through purchase or lease, whether the supplies, services, or interests are already in existence or must be created, developed, demonstrated, and evaluated.[3] Federal Government contracting has the same legal elements as contracting between private parties: a lawful purpose, competent contracting parties, an offer, an acceptance that complies with the terms of the offer, mutuality of obligation, and consideration. However, federal procurement is much more heavily regulated, subject to volumes of statutes dealing with federal contracts and the federal contracting process, mostly in Titles 10 (Armed Forces), 31 (Money and Finance), 40 (Protection of the Environment), and 41 (Public Contracts) within the United States Code.
^"Records of the Federal Supply Service [FSS]". National Archives. 2016-08-15. Retrieved 2021-11-18.
^Bloomberg Government, BGOV200: Federal Industry Leaders 2019, accessed 9 July 2020
^See 48 C.F.R. § 2.101 - "Acquisition" defined, as to goods and services only
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