In FAR, what does a "set-aside" refer to?

A "set-aside" in the context of the Federal Acquisition Regulation (FAR) refers specifically to a contracting strategy that reserves certain government contracts for competition exclusively among small businesses or disadvantaged groups. This strategy is aimed at promoting fair competition and ensuring that these groups have the opportunity to participate in federal procurement, thereby fostering diversity and supporting the growth of small and minority-owned enterprises.

Set-asides are implemented to help achieve federal goals for small business participation and ensure that a portion of federal contracting dollars is allocated to promote the success of these businesses. By reserving contracts for specific classes of businesses, the government can stimulate economic growth in various communities while also ensuring that the procurement process is equitable.

In short, this answer underscores the importance of set-asides in advancing the government's objectives related to small business engagement and economic inclusivity within federal contracting.