Federal vs Private contracting

Federal vs Private contracting - Micah Vinson Private...

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Micah Vinson Private versus Government-unique Practices In our society contracts play an intricate role in making sure that business’s practice ethical procedures in a world not so ethical. These contracts allow integrity to be established by setting in stone guidelines and procedures for businesses. There are two primary classifications for business types that adhere by these contractual agreements to ensure better business. You have the government which includes the Federal, state, and local side of things. Then you have the private sector which includes everyday businessmen and companies that are independently owned and run. When a private sector company creates contracts, the particular state which the deal is made is the officiator and in charge of governing the deal. The Uniform Commercial Code also known as the UCC was developed in1945 and late applied by all states so that interstate transactions would be regulated fairly. This differs from the government’s regulatory system which is known as the Federal Acquisition Regulation or FAR. Government contracts have to adhere to the Contracting Act which dictates that contracts be competed among “all responsible sources”, unless a statutory exception can be documented. Things like the Contracting Act make
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This note was uploaded on 12/08/2009 for the course BUIS 1231 taught by Professor Dr.jones during the Spring '07 term at Bowie State.

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Federal vs Private contracting - Micah Vinson Private...

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