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The Federal Acquisition Regulation (FAR) is the principal set of rules regarding Government procurement in the United States, [1] and is codified at Chapter 1 of Title 48 of the Code of Federal Regulations, 48 CFR 1. It covers many of the contracts issued by the US military and NASA, as well as US civilian federal agencies.
The nature of the Changes clause for cost reimbursement contracts is somewhat different from that for fixed-price contracts because in the case of a cost reimbursement contract the contractor is already entitled to reimbursement for all of its reasonable costs and only needs an adjustment in the target price or the amount of its fee.
As a general rule, any assistance used inappropriately, such as incurring unallowable costs, requires reimbursement to the federal government. [3] The Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards was issued by the Office of Management and Budget on December 26, 2013.
A higher risk, more unknown requirement is more suited for cost reimbursement type contracts, in which the contractor is reimbursed for all costs, and is paid a fee above that amount. In this arrangement, cost overrun risk is placed mainly upon the Government.
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Cost plus a fixed-fee (CPFF) contracts pay costs plus a pre-determined fee that was agreed upon at the time of contract formation. Cost-plus-incentive fee ( CPIF ) contracts have a larger fee awarded for contracts which meet or exceed certain performance goals, for example being on schedule and any cost savings.
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Target Fee: the basic fee to be paid if the Target Cost matches the Actual Cost (target profit). The Target Fee varies between the Minimum Fee and the Maximum Fee according to a formula tied to the Actual Cost (e.g. Target Fee could be 10% of the Actual Cost). Sharing Ratio: the agreed upon cost sharing proportion, normally expressed in ...