I have a contract that states it is a Fixed Labor Rate with Cost Reimbursable for Travel and ODC's. Payment terms are T&M.
Can I assume that the contract type is in fact T&M? Is there another contract type that I could be confusing this one with? thanks
My assumption is that your contract includes payment clause FAR 52.232-7, Payments under Time-and-Materials and Labor-Hour Contracts (Aug 2012), as specified at FAR 32.111(a)(7). Based on this assumption, what you have is a normal T&M contract type.
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Contract Type is the “compensation arrangement” between the government and the contractor. This clause covers all three areas mentioned in your question (T&M, travel and ODCs): labor is addressed in the clause at paragraph (a); Travel and Other Direct Costs (ODC) are addressed in paragraph (b) (1) (ii) (C) of the clause. Consequently, this would be a Time and Materials contract type. T&M is neither a Cost Type nor Fixed Price type of contract, but a special “type” all to itself as set forth in FAR subpart 16.6.