A more thorough explanation:

The Federal Acquisition Regulation (FAR) is a set of rules that govern how the government buys goods and services from private companies. It is made up of many different regulations that cover everything from competition requirements to mandatory clauses that must be included in government contracts.

For example, if the government wants to buy a new computer system, they must follow the rules set out in the FAR. This might include requirements for the company to be based in the United States, to have a certain level of experience, or to provide a warranty for the product.

The FAR is based on laws passed by Congress, such as the Competition in Contracting Act and the Contract Disputes Act. It is overseen by a group called the FAR Council, which includes representatives from the Department of Defense, the General Services Administration, and NASA.

Each agency also has its own set of regulations that supplement the FAR. For example, the Department of Defense has the Defense Federal Acquisition Regulation Supplement (DFARS), which provides additional rules for defense contracts.

The FAR is important because it helps ensure that the government gets the best value for its money when buying goods and services. It also helps promote fairness and competition among private companies that want to do business with the government.