131 Limitation of Costs or Funds

If you work in the Government acquisition world, this podcast is for you. (not just for Contracting Officers!)When is a cost-reimbursable contract not completely reimbursable? The Government’s obligation is limited to the estimated cost and/or current funding listed in the contract. (which sounds obvious, but is easily misunderstood once performance begins)Kevin and Paul discuss FAR 52.232-20 (Limitation of Cost) and FAR 52.232.22 (Limitation of Funds). Learn the notification requirements and thresholds that warrant Industry’s awareness and why tracking and reporting expenditures are crucial to avoiding unpleasant impacts to contract performance due to lack of available funding.__________Kevin Jans and Paul Schauer created the Contracting Officer Podcast to help Government and Industry acquisition professionals understand more about how the other side thinks. Admittedly, the podcast’s name sounds very limiting. It is not just for contracting officers or even just for those in the contracting profession. Anyone with an interest in the Federal acquisition world can benefit from the insight and down-to-earth explanations of complicated topics provided by the hosts.