Good morning FUN with the FAR Friends!
Thank you for joining us for another great episode of FUN with the FAR! Episode 17 covered: FAR PART 28: Bonds & Insurance and FAR Part 29: Taxes. As a follow-up to Wednesday’s session, here are a few facts to ponder as we prepare for our next session of Fun with the FAR:
DID YOU KNOW?
Payment bonds and performance bonds are tripartite agreements between a contractor, the U.S. Government, and a surety. FAR 28.001.
DID YOU KNOW?
The Bonds statute (f.k.a. the Miller Act) requires performance and payment bonds for any construction contract greater than $150,000. FAR 28.102-1.
DID YOU KNOW?
Contractors, whether or not their contracts are subject to CAS 416, are required by law and this regulation to provide insurance for certain types of perils (e.g., workers’ compensation). FAR 28.301(b).
DID YOU KNOW?
Executive agencies shall take maximum advantage of available Federal excise tax exemptions. FAR 29.201(c).
DID YOU KNOW?
Contractors performing work under a contract that includes FAR 52.229-1 (State and Local Taxes) are required to state separately on their invoices the state and local taxes excluded from the contract price and the Government upon receipt must either pay the amount of the taxes to the Contractor or provide evidence to sustain an exemption. FAR 52.229-1.