acquisition - the process of acquiring, with appropriated funds, by contract of purchase or lease, property or services (including construction) that support the mission and goals of an executive agency, from the point at which the requirements of the executive agency are stablished in consultation with the CAO of the executive agency; and include: the process of acquiring property or services that are already in existence, or that must be created, developed, demonstrated, and evaluated; the description of requirements to satisfy agency needs; solicitation and selection of sources, award of contracts, contract performance, contract financing, management and measurement of contract performance through final delivery and payment; and technical and management functions directly related to the process of fulfilling agency requirements by contract.
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(SOURCE - White House, OMB, Circular A-123)
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