Contract Cost Principles
/ˈkɒn.trækt kɒst ˈprɪnsəpəlz/
Definitions
- (n.) A set of regulatory guidelines and standards governing the allowable costs that contractors may charge and be reimbursed for under government contracts.
The contractor ensured all expenses met the contract cost principles before submitting the invoice.
Forms
- contract cost principles
- contract cost principle
Related terms
See also
Commentary
Contract cost principles are crucial in government procurement to control and audit contractor expenses, ensuring compliance with statutory and regulatory standards.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.