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...
Fixed Price vs. Time & Material Contracts

Fixed Price vs. Time & Material Contracts

Contract type is a term to signify differences in contracts and their structures; including but not limited to compensation arrangements, amount of risk (either government or contractor).  Contract types vary according to: The degree and timing of the risk...
Provisional Billing Rates Reminder

Provisional Billing Rates Reminder

Provisional Billing Rates for your Cost Reimbursable Contracts are due 90 days after your company’s fiscal year end, which for most companies, is March 31st. That date is fast approaching. What are Provisional Billing Rates? As part of holding a cost reimbursable type...
Contractors vs. Employees

Contractors vs. Employees

The Internal Revenue Service reminds small businesses of the importance of understanding and correctly applying the rules for classifying a worker as an employee or an independent contractor.  For federal employment tax purposes, a business must examine the...
Skip to content