procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. with detailed knowledge of the FAR to ensure that they are entering into the "best possible contract" and are in compliance with all applicable laws, West said. In includes coverage of recent changes and offers access to all FAR (Title 48) parts. It includes information on acquisition planning, contracting methods and contract types, socioeconomic programs, general contracting requirements, special categories of contracting, contract management, and clauses and forms. It costs $92.