Federal Acquisition Act

[AI summary unavailable — showing source text] Federal Acquisition Act - Title I: Acquisition Methods and Regulatory Guidance -- Requires Federal agencies to procure goods and services utilizing methods prescribed in this Act as directed by rules promulgated by the Office of Federal Procurement Policy (Office). Title II: Acquisition by Competitive Sealed Bids -- Sets criteria for use of the competitive sealed bid method of acquisition. Requires the invitation for bids to describe purchases, to the extent practicable, in functional terms in order to permit a variety of distinct products or services to qualify. Requires agency head approval in the event that specific product or service descriptions are to be included in such bids. Provides for instances where the use of functional or performance specifications make it impractical to plan for award primarily on the basis of price. Title III: Acquisition by Competitive Negotiation -- Permits the use of the competitive negotiation method of procurement when the competitive sealed bid method is inappropriate under this Act or rules promulgated by the Office. Requires solicitations for offers to be made to a sufficient number of qualified sources so as to obtain effective competition …