Mike Mardesich

3 weeks ago | forvismazars.us | Mike Mardesich |Bill Walter

Contractors and subcontractors supplying goods and services to the federal government may need to prepare and submit an incurred cost proposal by June 30 annually if their contract includes the clause at Federal Acquisition Regulation (FAR) 52.216-7, Allowable Cost and Payment, and their fiscal year ends December 31st. The purpose of this clause is to true up provisionally billed amounts to actual costs when required for flexibly priced contracts.