Incurred cost submission is mandatory for every contractor having contracts subject to the…

***Incurred cost submission*** is mandatory for every contractor having contracts subject to the Allowable Cost and Payment Clause. Failure to timely and adequate submission will attract some penalties to you. Also the submission must be in compliance with the regulation and guidelines of the DCAA and within the close of the contractor’s fiscal year. However date is extendable on the discreet decision of the contracting officer. The whole process is very complex, involving many rules. Hiring a DCAA government contract consultant is a good idea to avoid any burden and liabilities in case of failure to meet the guidelines.