ALLOWABLE COST. For Cost Type Contracts :
(a) The Contractor shall submit invoices in reasonable detail to the address indicated in the Agreement as work progresses. A statement of the claimed allowable cost for performing the work under this Agreement shall accompany each invoice. If applicable, invoices shall include a list of the property acquired by the Contractor to which title vests in the Government in accordance with the Government Property clause of this Section. Invoices may be submitted once every month (or at more frequent intervals if approved by BSA). Payments may be made by check or electronic funds transfer, at BSA’s option. Payment shall be deemed to have been made as of the date of mailing or date on which an electronic funds transfer was made.
(b) For reimbursement of work performed under this Agreement, BSA shall pay the Contractor allowable costs in accordance with this Agreement and Subpart 31.2 of the FAR as supplemented by Subpart 931.2 of the DEAR in effect on the date of this Agreement. The term “cost” includes only:
(i) costs the Contractor has paid for items or services directly for the Agreement at the time of the invoice, and
(ii) provided the Contractor is not delinquent in paying costs of Agreement performance in the ordinary course of business, costs incurred but not necessarily paid for materials from Seller’s inventory, direct labor, direct travel, other direct in-house costs, allocable and allowable indirect costs. Costs and expenses incurred by BSA that are determined by DOE to be unallowable that result from the acts or omissions of the Contractor or its subcontractors may be recovered by BSA from the Contractor.
(c) Final annual indirect cost rates and the appropriate bases shall be established in accordance with Subpart 42.7 of the FAR in effect for the applicable period. Within 90 days after expiration of each of its fiscal years, the Contractor shall submit proposed final indirect cost rates for that period and supporting cost data to BSA or the cognizant audit agency, whichever applies. The Contractor and BSA (or the cognizant audit agency) shall determine and execute a written understanding of the final indirect cost rates.
(d) Quick close-out procedures of Subpart 42.7 of the FAR may be used.
(e) At any time before final payment, BSA may have the Contractor’s invoices and statements of cost audited. Any payment may be reduced by amounts found by BSA not to constitute allowable costs or adjusted for prior overpayments or underpa...
ALLOWABLE COST. The total cost to NCTCOG for performance of the work under this Contract shall not exceed <<insert written amount ($amount) >> and the CONSULTANT agrees to perform the work specified in Appendix A and all other obligations under this Contract for no more than this cost. NCTCOG shall not be obligated to pay the CONSULTANT any costs in excess of this amount and CONSULTANT shall not be obligated to perform any services specified in Appendix A in excess of this amount except as amended in accordance with Article III. Any compensation due to the CONSULTANT for performance of this Contract must be approved in accordance with Articles V and VI of this Contract and shall be payable only after approval of this project by NCTCOG and receipt of funds from its funding agencies if applicable. There shall be no obligation whatsoever to pay for performance of this Contract from the monies of NCTCOG, except funding specifically obligated for this Contract. The CONSULTANT shall be paid allowable costs as outlined in the Contract Cost Estimate included in Appendix B, for the performance of work under this Contract. Allowable costs are the direct, indirect costs, and fixed fee/profit incurred in or allocable to the performance of the services under this Contract and are the type of charges that would be allowable under 2 Code of Federal Regulations (CFR) 200, “Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.”
1. Direct Costs
ALLOWABLE COST. Applicable Office of Management and Budget (OMB) 2 CFR Part 200, Subpart E – Cost Principles, agency program regulations, and the terms of grant must be followed in determining the reasonableness, allowability, and allocability of costs.
ALLOWABLE COST. Applicable cost principles and Grant terms shall be followed in determining the reasonableness and allowability of costs. An Indirect Cost rate may not be charged against funds provided pursuant to the Compact, as amended.
ALLOWABLE COST. Applicable OMB cost principles, agency program regulations, and the terms of grant award agreement will be followed in determining the reasonableness, allowability, and allocability of costs.
ALLOWABLE COST. Applicable Office of Management and Budget (OMB) cost principles, FTA program regulations, and the terms of the FTA master agreement and grant agreements will be followed in determining the reasonableness, allowability, and allocability of costs. (2 C.F.R. 200) provides guidance on allowable costs for nonprofit organizations. Expenses such as indirect costs or payments to a self- insurance fund must be documented appropriately. Advertising and public relations is permitted for “specific purposes necessary to meet the requirements of the federal award.” Transit marketing and promotion are allowable project costs under these provisions, since transit ridership is the ultimate purpose of the federal grant.
ALLOWABLE COST. A cost, as recorded on the Agreements Financial Plan (Long, Medium, and Short) forms, associated with an agreement, which meets the criteria for authorized expenditures specific in a cost principle methodology. Generally, it meets the cost principle methodology, and is a cost the parties to an agreement intend to charge, and must be: Reasonable for the performance of the award; Necessary and reasonable for proper and efficient performance and administration of the agreement; Consistently treated as either a direct or indirect cost; Generally, determined in accordance with generally accepted accounting principles (GAAP); Net of all applicable credits (that is, less any future rebates from the purchase of goods or services); Separate from a cost or from a cost-sharing/matching requirement of another Federal award or agreement, unless otherwise permitted by Federal law or regulation; Adequately documented; Authorized or not prohibited by Federal, State, or local laws and regulations; Compliant with limits or exclusions on types or amounts of costs, as set forth in relevant Federal laws, agreement terms and conditions, or other governing regulations (examples of such costs include: entertainment, alcohol, and taxes); and,Consistent with the agency’s and cooperator’s internal policies, regulations, and procedures that apply to both Federal awards or agreements and other cooperator activities.
ALLOWABLE COST. The parties agree that the regulations at 2 CFR Part 200 and the terms of this Agreement will govern in determining the reasonableness, allowability, and allocability of costs.
ALLOWABLE COST. Total allowable cost of the contract is the sum of allowable direct costs actually incurred in the performance of the contract in accordance with the terms of the contract, plus the properly allowable indirect costs, less any applicable credits. Costs shall be allowed to the extent they are: reasonable as defined in 2 GAR Division 4 § 7101 (d); and allocable, as defined in 2 GAR Division 4 § 7101 (e) and lawful under any applicable law; and not unallowable under 2 GAR Division 4 § 7101(f). In the case of costs invoiced for reimbursement, they shall be actually incurred or accrued and accounted for in accordance with generally accepted accounting principles.
ALLOWABLE COST. Allowable costs shall include both direct and indirect costs incurred by the CONSULTANT which is provided for in Exhibit C – Consultant’s Fee Schedule and subject to the limitations prescribed herein.
