An Assessment of the Socio-Economic Considerations of the Federal Procurement Process

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The encouragement of small business is an important goal of government that is addressed by the FAR. The government is required to create a network of resources that provide for contract opportunities to level the playing field when procuring goods and services. Assess the socio-economic considerations of the federal procurement process. Recognizing the importance that small business has to the US economy, both the Legislative And Executive Branches the socioeconomic advantage of government procuring the services of the small business venture and have, to that effect, implemented certain consideration in the federal procurement process. In fact, Section 3(a) of the Small Business Act sees small business as crucial for advancing the economic and national stability of the nation and has, consequently, promised certain actions that make life easier for the small business as well as providing it with opportunities to be involved in government labor. In Section 8(d) of the Small Business Act, for example, Congress explicitly declares that: "[i]t is the policy of the United States that small business concerns . . . shall have the maximum practicable opportunity to participate in the performance of contracts let by any federal agency, including contracts and subcontracts for subsystems, assemblies, components, and related services for major systems. (15 U.S.C. § 637(d)). To that end, government allocates at least 23% of the total value of all federal prime contract
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