The Federal Acquisition Regulation (FAR) has introduced several new rules as part of its Circular 2021-03. These rules include clarifications on handling violations related to arms control treaties and the criteria for using the lowest price technically acceptable (LPTA) source selection process. Additionally, changes have been made to what assets individual sureties can use as security bonds. The updates also include various technical amendments across different FAR sections, with some rules becoming effective on February 16, 2021.
Simple Explanation
The government has made some new rules to how it buys things, like setting rules to make sure people keep promises about weapons, choosing the best price that still meets needs, and what stuff people can use as collateral when promising to pay. Some of these changes start working on February 16, 2021.