What does FAR stand for in contracting terms?

The correct answer, Federal Acquisition Regulation, refers to the comprehensive set of regulations that govern the acquisition process by which federal agencies in the United States purchase goods and services. The FAR provides a uniform policies and procedures for federal agencies to follow, ensuring that contracts are awarded in a fair and competitive manner while promoting integrity, accountability, and transparency within the procurement process.

Understanding the FAR is crucial for contracting professionals as it establishes the legal framework and guidelines for all federal acquisitions. It addresses various topics including contract types, procedures for bidding and evaluation, contract administration, and much more. This regulation serves as an essential reference for ensuring compliance with federal contracting laws and policies.

In contrast, the other choices do not accurately reflect the established terminology used in federal contracting. For example, "Free Assessment Review," "Federal Audit Requirement," and "Financial Accountability Regulation" do not pertain to the structured regulations governing federal acquisitions. Therefore, the Federal Acquisition Regulation is the correct term that encapsulates the processes and standards set forth for federal contracting.