#03
Usually, a fixed-price contract is performed when the payment amount does not depend on resources used or time expended for services or supplies to build it, and because these don’t require adaptation or design efforts significant.
However, a price-plus contract is opposed to those before because cost and profit are negotiated with contractors, and the final price depend from really consumption of resources (incurred costs) and financial and operative risk taken by economic operator on develop contract. A price-plus contract is also called like a cost reimbursement contract, because this is where a contractor is paid for all its allowed expenses to a set limit plus additional payment to allow for a profit.
When contracting authorities have to do a purchasing of innovation services or supplies, also they need the flexibility for choose procedures of acquisitions that should include negotiation. Negotiation, to what?, for have success on determining its performance or yield, quality and reasonable price of products or services that don't exists on the market and, of they, we only know which is our need. They are research and innovation goods or services that should be buyed in situations where open or restricted procedures without negotiations are not likely to lead to satisfactory procurement outcomes, and is better through a competitive procedure with negotiation, as the competitive dialogue or innovation partnership.
Determining of incurred cost allocable, allows to contracting authority know which is the reasonable price of innovation purchase, through to a exam from contractor's cost representations, and in whatever form they may be presented –such as interim and final public vouchers, progress payments, incurred cost proposals, termination claims of contract and settlement, or final overhead rates claims–, and get an professional opinion, for approval those costs, as to whether such incurred costs are reasonable, applicable to the contract, determined under generally accepted accounting principles and cost accounting standards applicable in the circumstances, and not prohibited by the contract, by statute or regulation, or by previous agreement with, or decision of, the contracting officer.
Incurred cost audits are usually performed on contractors that have been awardees by services and products of innovation through negotiated procedures. This approach, for determining the price, recognizes the efficiency of addressing the adequacy of management and financial systems and internal controls combined with transaction testing across all contractor business activities, and are made by contract audit services.
Regardless of the audit approach, in all audits emphasis will be on determining the overall acceptability of the contractor's claimed costs with respect to:
Usually, a fixed-price contract is performed when the payment amount does not depend on resources used or time expended for services or supplies to build it, and because these don’t require adaptation or design efforts significant.
However, a price-plus contract is opposed to those before because cost and profit are negotiated with contractors, and the final price depend from really consumption of resources (incurred costs) and financial and operative risk taken by economic operator on develop contract. A price-plus contract is also called like a cost reimbursement contract, because this is where a contractor is paid for all its allowed expenses to a set limit plus additional payment to allow for a profit.
When contracting authorities have to do a purchasing of innovation services or supplies, also they need the flexibility for choose procedures of acquisitions that should include negotiation. Negotiation, to what?, for have success on determining its performance or yield, quality and reasonable price of products or services that don't exists on the market and, of they, we only know which is our need. They are research and innovation goods or services that should be buyed in situations where open or restricted procedures without negotiations are not likely to lead to satisfactory procurement outcomes, and is better through a competitive procedure with negotiation, as the competitive dialogue or innovation partnership.
Determining of incurred cost allocable, allows to contracting authority know which is the reasonable price of innovation purchase, through to a exam from contractor's cost representations, and in whatever form they may be presented –such as interim and final public vouchers, progress payments, incurred cost proposals, termination claims of contract and settlement, or final overhead rates claims–, and get an professional opinion, for approval those costs, as to whether such incurred costs are reasonable, applicable to the contract, determined under generally accepted accounting principles and cost accounting standards applicable in the circumstances, and not prohibited by the contract, by statute or regulation, or by previous agreement with, or decision of, the contracting officer.
Incurred cost audits are usually performed on contractors that have been awardees by services and products of innovation through negotiated procedures. This approach, for determining the price, recognizes the efficiency of addressing the adequacy of management and financial systems and internal controls combined with transaction testing across all contractor business activities, and are made by contract audit services.
Regardless of the audit approach, in all audits emphasis will be on determining the overall acceptability of the contractor's claimed costs with respect to:
- reasonableness of nature and amount;
- allocability and capability of measurement by the application of duly promulgated Cost Accounting Standards and generally accepted accounting principles and practices appropriate to the particular circumstances; and
- compliance with applicable cost limitations or exclusions as stated in the contract clauses, European Directives or Members States laws.
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