The Treasury Board Contracting Policy, established under s. 7(1) of the Financial Administration Act (FAA), sets out the policy objective for government contracting as being that to acquire goods and services and to carry out construction in a manner that enhances access, competition and fairness and results in best value or, if appropriate, the optimal balance of overall benefits to Canada and the Canadian people.
It provides that government contracting must be conducted in a manner that will:
- Stand the test of public scrutiny in matters of prudence and honesty, facilitate access, encourage competition and reflect fairness in the spending of public funds;
- Ensure the pre-eminence of operational requirements;
- Support long-term industrial and regional development and other appropriate national objectives, including aboriginal economic development; and
- Comply with the government's obligations under Canada's trade agreements.