ICS

GovCon Wednesdays Estimated Read Time: 5 minutes One of the most common ICS misunderstandings in GovCon comes from Time & Materials (T&M) and mixed contracts. Many contractors assume T&M or partially fixed-price agreements do not require an ICS but under FAR rules, ICS requirements depend on whether the contract reimburses actual allowable costs. This installment explains exactly when T&M and mixed contracts trigger ICS filing.   Core Concept: When T&M… Read More

GovCon Wednesdays Estimated Read Time: 5 minutes If your business has flexibly priced contracts, cost-reimbursable or certain T&M agreements, you are required to submit an Incurred Cost Submission (ICS) each year under FAR 52.216-7. An ICS ensures that every cost billed to the government is reasonable, allowable, and allocable, and that final contract costs reflect what your business actually incurred during the fiscal year. This first installment of the ICS… Read More