Definitive Cost Principles
/dɪˈfɪnɪtɪv kɒst ˈprɪnsɪplz/
Definitions
- (n.) Regulatory standards issued by government agencies that specify allowable costs for federally funded contracts and grants.
The definitive cost principles determine which expenses are eligible for reimbursement under the federal grant.
Forms
- definitive cost principles
Related terms
See also
Commentary
These principles serve as authoritative guidelines in government contracts, crucial for auditors and contractors to ensure compliance and proper cost allocation.
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.