You will prepare and submit a term paper on Acquisition Regulations System. Your paper should be a minimum of 250 words in length. The procurement procedure is streamlined and many federal contracts are reserved exclusively for small firms (Office of the Federal Register US, 2010).
The simplified acquisition is a very conducive method for small firms because unlike other purchasing methods, it doesn’t adhere to a set of the buying process. Government official can make and pay for a simplified acquisition using cash, purchase order, government-wide purchase order at the convenience of the company (small businesses in this case). To win this acquisition, the company must simply provide contracting officials with a quotation.
The public law established special requirements for the acquisition of commercial items intended to more closely resemble those customarily used in the commercial marketplace. The federal government developed a unit that conducted market research as an essential element of building an effective strategy for the acquisition of commercial items and establish the foundation for the agency description of need, the solicitation and resulting contracts (Office of the Federal Register US, 2010).
The government also set specific procedures for solicitation, evaluation, and award of contracts. Those procedures were to be adhered to by the contractors, thus making business favorable for small businesses. Other laws set by the federal government to monitor contracting include contract quality assurance, notification of overpayment and determination of price reasonableness (Office of the Federal Register US, 2010).
The use of technology has been enormous advancement in the business sector. it makes the transfer of information from one party to the other easily and efficiently. This, therefore, saves time as far as the acquisition of products and contracting is a concern. This can be achieved by attachment of quotations on a mail for instance.
Therefore, firms that embrace technology function effectively and efficiently, experiencing an increase in income and expansion of their business empires.