Contract Closeout
FAC 2005-52 Revises Quick-Closeout Procedures
Federal Acquisition Circular (FAC) 2005-52, effective June 11, 2011, included revised quick-closeout procedures under FAR 42.708. FAR 42.708 formerly read: (a) The contracting officer responsible for contract closeout shall negotiate the settlement of indirect costs for a specific contract, in advance of the determination of final indirect cost rates, if— (1) The contract is physically complete; (2) The amount of unsettled indirect cost to be allocated to the contract is relatively insignificant. Indirect cost amounts will be considered insignificant when— (i) The total unsettled indirect cost to be allocated to any one contract does not exceed $1,000,000; and (ii) Unless. Read More.
CB&H GovCon Seminar: Contract Closeouts (4/20/12 – Fayetteville, NC)
Government contracts are required to be closed out in accordance with FAR 4.804-1(a), Closeout of Contract Files and FAR 4.804-5, Procedures for Closing Out Contract Files. While this is a contractual requirement of every contract, it is an area that many contractors don’t fully understand regarding their contractual obligations and/or don’t devote enough time to addressing. The purpose of this seminar is to provide an overview of the contract closeout environment and the process that is required for different contract types. Participants will gain an understanding of the contractor’s responsibility in closing out contracts. We will also discuss some strategies. Read More.
Tips for Finding, Pursuing and Winning Government Construction Contracts
With the falloff in residential and commercial construction in many markets, some construction contractors have considered expanding their revenue horizons by investigating contracts funded by the American Recovery and Reinvestment Act of 2009 . However, locating, pursuing, and meeting the requirements of government contracts is vastly different from private sector work. Construction professionals should be aware of some of the key challenges and best practices of government contracting. To get started, spend some time examining where contract dollars are spent in your area and which companies are winning contracts. The databases at www.usaspending.gov and www.fedspending.org contain a wealth of free information.
CB&H Seminar: 2010 Update to DCAA “Hot Buttons” (Vienna, VA, 3/4/10)
Our presenters work with a number of our clients to resolve DCAA findings and have extensive hands-on experience in these subjects. This session will cover the following topics and more:
What Can CB&H’s Government Contractor Services Group Do For Your Business in 2010?
The previous decade was a tough one for all businesses, including contractors and subcontractors to the federal government. Unfortunately, successfully delivering innovative, world-class solutions for federal customers did not, and does not protect government contractors from being pilloried as under delivering for the soldiers and taxpayers we serve. Historic levels of incoherence, with regard to requirements definition and regulatory consistency, have significantly increased the cost of operating as a compliant contractor. Today, it is essential that government contractors have access to best-in-class professional advice from experts possessed of the training and experience necessary to provide value-added and comprehensive regulatory compliance. Read More.
The Importance of an “Adequate” Incurred Cost Submission
On August 20, 2009, a proposed rule was published in the Federal Register entitled Federal Acquisition Regulation; FAR Case 2008-020, Contract Closeout (Federal Register/Vol. 74, No. 160/Thursday, August 20, 2009/Proposed Rules). In addition to containing provisions for closing out contract files, this proposed rule most notably contains provisions governing the consequences of submitting an “inadequate” incurred cost submission and the insertion of DCAA into the procurement process relative to the contractual withholding of fee. The proposed rule as written defines in great detail what constitutes an “adequate” incurred cost proposal, which is taken word for word from DCAA’s model incurred cost proposal as contained in Chapter 6 of. Read More.