Good afternoon FUN with the FAR Friends!
Thank you for joining us for another great episode of FUN with the FAR! Episode 22 covered: FAR Part 42 (Contract Administration and Audit Services) and FAR Part 43 (Contract Modifications)!
As a follow-up to last 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?
For contractors other than educational institutions and nonprofit organizations, the “cognizant” Federal agency normally will be the agency with the largest dollar amount of contracts, including options. FAR 42.003(a).
DID YOU KNOW?
“Billing rates” are indirect cost rates established temporarily for interim reimbursement of incurred costs and adjusted as necessary pending establishment of final indirect cost rates. FAR 42.701.
DID YOU KNOW?
Novation Agreements are usually executed by the U.S. Government after contractors have executed an asset sale agreement. FAR 42.1204.
DID YOU KNOW?
As a general rule, contracting officers are the only Government employees who have the authority to change the terms of a contract. FAR 43.202.
DID YOU KNOW?
A contractor’s ability to obtain monetary or schedule relief from a Government change order is controlled by the Changes clause in their Government contract. See FAR 52.243-1 through 52.243-5.