What Does It Mean When FAR 52.216-7 Is In Your Contract?

What Does It Mean When FAR 52.216-7 Is In Your Contract?

Okay, so you’ve just been awarded a cost reimbursable contract, and in reviewing the contract, you discover the FAR (Federal Acquisition Regulation) Clause 52.216-7 Allowable Cost & Payment, in Section I Contract Clauses.  So what exactly is this clause and what...
Incurred Costs (2020 Reminder)

Incurred Costs (2020 Reminder)

An Incurred Cost Submission is a proposal containing your actual incurred costs for the most recently completed contractor fiscal year.  The proposal contains actual costs for both direct costs (labor, material, travel, subcontractors, etc.) as well as indirect costs...
G&A vs. Overhead

G&A vs. Overhead

Understanding these concepts will help you protect profits and give you the ability to negotiate new contracts effectively and competitively.  Being correct and consistent in how you categorize expenses helps you effectively monitor escalating costs or eroding...