Socioeconomics in Federal Contracting

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Abstract A contract refers to a written or spoken treaty particularly regarding employment, sales or occupancy that is envisioned to be enforceable by law. The government, always finds itself engaging in contracts with various companies while undertaking its projects. Through the agreements, the government employs the companies to undertake the proposed project within a given budget and time. The agreement is enforceable by law, and therefore if one of the parties violates the contract, they can be sued in the court. In the country, there exist various disadvantaged people who own small businesses, without huge capitals and resources. If these small businesses compete for contracts with other large companies, it is definite that they will not be able to win any contract. Therefore, the government has established various policies that ensure the small businesses enjoy similar benefit as other large companies in matters concerning federal contracting. This paper discusses on various socioeconomic programs that have been established by law in the federal contracting. The programs include; small business set- asides, Service-Disabled Veteran-Owned Small Business, small disadvantaged business program, Woman-owned small scale business and the hub zone Small Businesses program. Socioeconomics in Federal Contracting Federal contracting refers to a form of a grant or cooperative agreement that is used by the federal government to offer to finance for research and development schemes. The federal government uses contracts as a procurement method unlike the grant or cooperative contract. The main objective of the federal contract instrument is to buy possessions or services for the

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