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  • Question

    My question....because I'm not familiar with cost-reimbursement contracts, if I am reviewing my contract for a potential quick-closeout, how do I determine the total unsettled indirect and direct costs? Are these the indirect and direct costs billed to-date? Does the Supplier usually provide this information in a statement of sorts?


    Answer

    It is important to not overlook the other requirements for a potential Quick Close-out in accordance with FAR 42.708.  This includes performing a risk assessment and ability to reach a reasonable estimate of allocable dollars. The risk assessment will potentially answer your questions as to whether a Quick Close-out is appropriate and details as to whether you can expect unsettled allowable indirect costs.  FAR 52.216-7 will answer your other questions, including what Contractor must provide you to regarding indirect costs for Close-out.

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