Is My Company Required to File an Incurred Cost Submission?

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The requirement for an incurred cost submission is dictated in FAR Part 16.3 Cost Reimbursement Contracting, specifically FAR 16.307, the contracting officer shall insert the clause at 52.216-7, Allowable Cost and Payment, in solicitations and contracts when a cost-reimbursement contract or a time-and-materials contract (other than a contract for a commercial item) is contemplated. Contractors should review contracts to determine if this clause has been included in any contracts awarded or “flowed down” in subcontracts awarded. If 52.216-7 is included the contractor is REQUIRED contractually to file the submission.

The Contractor shall submit an adequate final indirect cost rate …read more

Read more here:: Government Contracting

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