Government Contract Cost Principles
/ˈɡʌvərnmənt ˈkɒntrækt kɔst ˈprɪnsəpəlz/
Definitions
- (n.) A set of regulatory standards that govern the allowability, allocability, and reasonableness of costs claimed by contractors under government contracts.
Contractors must adhere to government contract cost principles to receive reimbursement for expenses.
Forms
- government contract cost principles
Related terms
See also
Commentary
These principles are frequently codified in federal regulations such as the FAR and guide auditors in determining compliance with contractual cost reimbursement requirements.
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.