This compares with $442bn in fiscal year 2015 and $461bn in 2016. In fiscal year 2019, the US Federal Government spent $597bn on contracts. See also: Office of Federal Procurement Policy However, federal procurement is much more heavily regulated, subject to volumes of statutes dealing with federal contracts and the federal contracting process, mostly in Titles 10 (Armed Forces), 31 (Money and Finance), 40 (Protection of the Environment), and 41 (Public Contracts) within the United States Code. Federal Government contracting has the same legal elements as contracting between private parties: a lawful purpose, competent contracting parties, an offer, an acceptance that complies with the terms of the offer, mutuality of obligation, and consideration. Contracts for federal government procurement usually involve appropriated funds spent on supplies, services, and interests in real property by and for the use of the Federal Government through purchase or lease, whether the supplies, services, or interests are already in existence or must be created, developed, demonstrated, and evaluated. The market for state, local, and education (SLED) contracts is thought to be worth $1.5 trillion. The processes of government procurement in the United States enable federal, state and local government bodies in the country to acquire goods, services (including construction), and interests in real property. ( Learn how and when to remove this template message) Please help update this article to reflect recent events or newly available information. Parts of this article (those related to procurement values) need to be updated.
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