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...
Adequate Accounting System

Adequate Accounting System

Standard Form 1408 (SF 1408) Below are 12 of the key elements of a DCAA compliant accounting system as identified on the Standard Form – SF 1408. · SF 1408 1 Demonstrate compliance with generally accepted accounting principles (GAAP) · SF 1408 2a Segregate...
DCAA Compliant Accounting System

DCAA Compliant Accounting System

A contractor’s circumstances, and contract type, dictates whether you are required to have a DCAA compliant accounting system.  If you have a negotiated fixed price contract, you are not required to have a DCAA compliant accounting system. A contractor must only...
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