FEDERAL CONTRACT Meaning and
Definition
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A federal contract is a legally binding agreement entered into between the federal government of a country and another party, typically a private business or contractor, for the provision of goods, services, or construction work. These contracts are governed by specific laws and regulations that outline the rights, responsibilities, and obligations of the parties involved.
In the United States, federal contracts are typically awarded by federal agencies to private businesses or contractors through a competitive bidding process. These contracts can range from supplying military equipment to providing janitorial services in federal buildings, or even conducting research and development projects on behalf of a government agency.
Federal contracts usually include specific terms and conditions, scope of work, delivery schedules, pricing and payment arrangements, and provisions for dispute resolution. Compliance with federal laws, regulations, and policies is essential when entering into and executing a federal contract.
The awarding of federal contracts provides several benefits, including stimulating the economy through job creation, promoting small business development, and ensuring fair competition among potential bidders. These contracts also serve as a means for the government to meet its needs and objectives efficiently and effectively, while fulfilling its obligations to the taxpayers.
By engaging in federal contracts, private businesses and contractors can gain access to a substantial market, benefit from long-term and stable revenue streams, and gain valuable experience and reputation in their respective industries.
Common Misspellings for FEDERAL CONTRACT
- dederal contract
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Etymology of FEDERAL CONTRACT
The word "federal contract" consists of two terms: "federal" and "contract".
- "Federal" comes from the Latin word "foedus", meaning "league" or "treaty". In English, it initially referred to a covenant or agreement between people or nations. Over time, it took on a political meaning, referring to a system of government where power is divided between a central authority and regional or state governments. This term became particularly associated with the United States, where the federal government has certain powers while individual states retain their own powers.
- "Contract" comes from the Latin word "contractus", which means "drawn together" or "agreed upon". It refers to a legally binding agreement between two or more parties that establishes the terms and conditions of their relationship, obligations, and rights.
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