These requirements are embedded in the Federal Acquisition Regulation (FAR) and iRapt. FAR is a complex set of rules. These rules govern the government’s purchasing process. The purpose of these rules is to ensure that purchasing procedures are standard and consistent. Also, the manner in conducting such a procedure is in a fair and impartial way. If you’re making sales to the government, you should have a good understanding of FAR; otherwise, you may make costly mistakes in the sales process.
IRapt (Invoice, Receipt, Acceptance and Property Transfer) is an Internet-based invoice and payment system for government contracts. It was formerly named Wide Area Workflow (WAWF) eBusiness Suite. Like FAR, iRapt is also filled with complexities. Additionally, this requires a substantial input of time to understand the system and use it correctly.