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I googled this question and came up with several websites advising "Generally, if you have a prime contract with the FAR Allowable Cost and Payment Clause 52.216-7 or you are a subcontractor with flow-down provisions from the prime, you will need to complete an Incurred Cost Submission. "
The ICE Model, is the electronic version of the "Model Incurred Cost Proposal" . It provides contractors with a standard, user-friendly ICE submission package for preparing adequate incurred cost proposals in accordance with FAR 52.216-7,
Experienced this cluster with a capital F over the years. Prime flows down 52.216-7 + the kitchen sink in its T&C's with the sub. Prime's standard USG T&Cs include instructions to replace terms like 'Government' and 'Contracting Officer' with 'Buyer' and 'Buyer Representative', except all too often there is a carveout fo
I realize that ordinarily owner’s draw & bonus would not count as an expense but rather a reduction of owner’s equity. My questions are.…In our Incurred Cost Submission, can we include the Owner’s draw and bonus in our Direct Labor base for purposes of calculating indirect rates? Also, can we include the Owner’s bonus in Overhead?
See DCAA Contract Audit Manual Chapter 6-802.1 which states the following: "Flexibly priced contracts include all cost-type, fixed-price-incentive, and fixed-price-redeterminable contracts, orders issued under indefinite delivery contracts where final payment is based on actual costs incurred, and portions of time-and-material and labor-hour contracts."
Suppose a subcontractor has an approved accounting system IAW FAR and submits an Incurred Cost Submission with subsequent cost audits to finalize a Negotiated Indirect Rate Agreement annually. Does the subcontractor have to use a prime contractor's timekeeping system when working under a T&M ...
incurred cost submission from the contractor whether the submission is a qualified incurred cost submission. ``(3) With respect to qualified incurred cost submissions received on or after the date of the enactment of this section, audit findings shall be issued for an incurred cost audit not
FAR 15.408 Table 15-2 Item F. states "Whenever you have incurred costs for work performed before submission of a proposal, you must identify those costs in your cost/price proposal." 1) Does this mean that for an R&D proposed contract, if any previous costs have been incurred in the developme...
You said your contract is CPFF. That means it should include the clause at FAR 52.216-7, Allowable Cost and Payment. Incurred cost submissions and audits are required by that clause, not the clause at FAR 52.215-2. The class deviation does not exempt the contractor from the requirements of 52.216-7. So, yes to the incurred cost submission.
Indirect rates are submitted via incurred cost submission to DCAA annually within six months of the end of fiscal year. At what point is the contractor obligated to extend the 'actual', which is contractor-calculated-but-not-audited, rates to the govt, when the contractor has received no endorsement of the rates from the government.