Contract Price Tweaks Get OMB Paperwork Extension
Published Date: 3/13/2025
Notice
Summary
The government is asking to keep collecting info from contractors about price changes in certain contracts, like when costs for materials or labor go up or down. This helps contracting officers adjust prices fairly. If you’re a contractor working with the government, keep an eye out—comments on this must be in by April 14, 2025, and no new fees are expected.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Report price or labor rate changes promptly
If you are a contractor with contracts using FAR 52.216-2, -3, or -4, you must promptly notify the contracting officer of any increases or decreases to established prices or labor rates (including fringe) caused by contingencies like changes in catalog/market prices or cost indexes. The information collection is OMB Control No. 9000-0067; the notice lists 2,710 respondents, 45,260 total annual responses, and 71,192 total annual burden hours. Submit public comments by April 14, 2025.
Submit cost and proposed prices for prospective redetermination
If you are a contractor on a fixed-price contract with prospective price redetermination under FAR 52.216-5, you must submit (within an agreed-upon timeframe) a statement of costs incurred for the most recent period, proposed prices for the upcoming period, and supporting documentation. When firm prices are not established, you must also file quarterly statements breaking down total contract prices, costs, profit, and invoices for items without final prices.
Provide full cost data for retroactive redetermination
If you are a contractor on a fixed-ceiling-price contract with retroactive price redetermination under FAR 52.216-6, you must (within an agreed-upon timeframe after contract completion) submit proposed prices, all costs incurred in performing the contract, and supporting documentation. Until final redetermination, you must also submit quarterly breakdowns of contract prices, costs, interim profit, and invoices.
Quarterly and final cost reports for incentive contracts
If you hold a fixed-price incentive contract under FAR 52.216-16 or 52.216-17, you must submit quarterly statements showing total contract prices, costs, interim profit portions, and invoices cumulative from the contract start. At final delivery or completion for covered line items you must submit detailed cost statements, estimates of remaining performance costs, a list and estimated value of residual inventory, and other data the contracting officer reasonably requires.
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Key Dates
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Contractors working on construction or vessel repairs in North Carolina need to keep proving how much they spent and paid in sales tax. The government is asking to keep this paperwork rule going to help get tax refunds for building materials. If you’re involved, get ready to keep those certified statements coming, and don’t miss the April 14, 2025 comment deadline!
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