The “Revolutionary FAR Overhaul”: What Government Contractors Need to Know
The Federal Acquisition Regulation (FAR) is often described as the “bible” of federal procurement. For decades, it has governed how agencies acquire goods and services, and how contractors compete for, win, and perform government contracts. While incremental updates are common, the federal procurement community is now bracing for the implementation of an effort describing itself as a “ revolutionary FAR overhaul ” — a top-to-bottom “modernization effort” that could reshape the contracting landscape. Why an Overhaul Now? For some time, certain policymakers, acquisition officials, and industry stakeholders have criticized the FAR for being: Overly complex – Thousands of pages of regulations can overwhelm even experienced contractors. Outdated – Some provisions reflect procurement practices from the 1980s, ill-suited to today’s fast-moving tech environment. Inflexible – Agencies often struggle to adopt innovative solutions due to rigid rules. The current change has its ro...