In accordance with the “Allowable Cost and Payment” clause (FAR 52.216-7), companies performing Cost Reimbursement or Time & Material Federal contracts (“flexibly priced contracts”) are required to submit an Incurred Cost Submission (“ICS”) on an annual basis. This process can be tedious and time consuming. However, it is critical that contractors complete their ICS accurately and file it in a timely manner.
Late submissions can delay invoice submission, contract close‐outs, and the release of fee withholds. Inaccurate ICS can result in over/under billings, contracts in excess of funding limits, as well as allegations of CAS or FAR non‐compliances.
Victura Consulting advises clients through the ICS process. Based on our experience, we have developed streamlined process to assist our clients with their ICS. Our assistance can range from high‐level advisory services, to outsourcing of the ICS preparation.