Contractors performing work on flexibly priced contracts (T&M and cost-type) must submit an incurred cost proposal (ICP) within 6 months of the close of their fiscal year. The ICP reconciles actual costs incurred with amounts billed against each contract. The reconciliation includes direct costs and allocated indirect costs. Completion of the ICP provides the contractor with their claimed rates which, when approved, become final indirect rates for the period in question.
Learning Objectives
1. Identify the requirements for submitting an ICP
2. Define the contents of the ICP
3. Locate resources for completion of the ICP
4. List common mistakes when completing the ICP
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