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Podcast: Cherry Bekaert: Government Contractors Guidance
Episode: The Incurred Cost Submission – When It Is Required, How to Prepare and Best Practices
Description: Contractors with the Federal Acquisition Regulation (FAR) Clause 52.216-7, Allowable Cost and Payment included in their cost reimbursable and time & materials (T&M) contracts are required to submit an Incurred Cost Submission (ICS). Submitting your ICS on time to the appropriate Government Administrative Contracting Officer and the cognizant Defense Contract Audit Agency (DCAA) office can be a hurdle but a requirement. Late submissions are subject to a unilateral decision by the Contracting Officer (CO) to apply a decrement factor, which will reduce the billed cost.In this episode of Cherry Bekaert’s GovCon Podcast, Brendan Halloran, a Se...