Assignment 1: Institutional Framework of Federal pointsGovernment agencies rely heavy on contracting officers to obtain goods and services at a fair price and in a timely manner with the billions of...

Assignment 1: Institutional Framework of Federal pointsGovernment agencies rely heavy on contracting officers to obtain goods and services at a fair price and in a timely manner with the billions of dollars tax dollars entrusted to them annually. To that end, it is necessary that purchasing agencies along with the Government Accountability Office (GAO) use the Federal Acquisition Regulation (FAR) to create accountability in organizations and continue to improve weaknesses in key areas of federal acquisition.Write a two to three (2-3) page paper in which you:1.Discuss the importance of fixed price contracts in creating effective, efficient, and accountable acquisition planning. Support your discussion with FAR regulations.2.Discuss the importance of cost reimbursement contracts in creating effective, efficient, and accountable acquisition planning. Support your discussion with FAR regulations.3.Discuss the importance of time and materials contracts in creating effective, efficient, and accountable acquisition planning. Support your discussion with FAR regulations.4.Discuss the importance of cost-plus contracts in creating effective, efficient, and accountable acquisition planning. Support your discussion with FAR regulations.Your assignment must follow these formatting requirements:•Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.•Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are:•Describe the legal and administrative framework and socio-economic considerations of the federal procurement process.•Identify and apply the appropriate Federal Acquisition Regulation (FAR) clauses to meet compliance in contracting actions and dispute resolution requirements.•Distinguish between the various types of contracts and considerations for use.•Use technology and information resources to research issues in procurement and contract law.•Write clearly and concisely about procurement and contract law using correct grammar and mechanics.