Contract Brief
Introduction
Contract Briefings generally include a synopsis of all pertinent contract provisions, such as contract type, contract amount, product or service(s) to be provided, applicable Cost Principles, contract performance period, rate ceilings, advance approval requirements, precontract cost allowability limitations, and billing limitations.[1]
Requirements
If you have a flexibly priced contract you will most likely have the contract clause FAR 52.216-7 in your contract. That clause requires a contractor to:
- "Submit an adequate Final Indirect Cost Rate Proposal to the Contracting Officer (or cognizant Federal agency official) and auditor within the 6-month period following the expiration of each of its fiscal years."[2]
An adequate indirect rate proposal is required to have certain information. In addition, "supplemental information is not required to determine if a proposal is adequate, but may be required during the audit process."[3]. Contract Briefs will be required if you have Department of Defense (DoD) contracts, at a minimum during audit.
DCAA provides to contracts a "model incurred submission" template.[4] The requirements are also within the Defense Contract Audit Manual (DCAM) Chapter 6, Figure 6-8-1. DCAA states that a contractor need not use the example form if the information is already generated and available within its automated accounting or billing systems.
