How does government acquisition differ from private business one?
How does government acquisition differ from private business one?
The Government and private business acquisition processes have similarities and difference that are necessary to understand while comparing them. I would first state some similarities that would help us understand the differences that I would be presenting in towards the end of this section.
Government acquisition and private business acquisition are governed both by alike contracting legal requirements that are a lawful purpose for both is required, both the parties that are forming a contract for an acquisition process are competent. In both the government and private contexts, an offer is made by one party and the offer is reviewed and accepted or rejected by the other party. Two parties involved in the acquisition process have to abide by some obligations. Having said that, the government acquisition contracts are have much more complications and regulations to follow than the private business contracts.
When private businesses are entering into contracts for acquisition, they have the flexibility of defining a broad range of terms and conditions. The terms and conditions are not fixed and they can agree on changing them easily. On the other hand, in the case government acquisition, the government regulatory authority has pre-defined terms and conditions which are not easily altered and altering them requires a lot more time and complexities.
In the case of a private business acquisition process, there is no regulatory authority required as in the case of a government acquisition process. The agents representing the private businesses are abide by the laws of agency. In government acquisition, the national policy is the main concern and the government employees have limitations ruled by the national policy choices. In a private context, the private businesses are allowed to rely on rely on each other in forming agreeable terms.