Allowable Cost Sample Clauses
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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. 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. 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 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. 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. 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. 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. Expenditures made by the CONTRACTOR shall be reimbursed as allowable costs to the extent they meet all of the requirements set forth below. The expenditures must be:
(1) Made in conformance with the Project description and the approved Project budget herewith incorporated by reference and set forth as Exhibit B and all other provisions of this Contract Agreement;
(2) Necessary in order to accomplish the PROJECT;
(3) Reasonable in amount for the goods or services purchased;
(4) Actual net costs to the CONTRACTOR (net cost means the price paid minus any refunds, rebates, or other items of value received by the CONTRACTOR which have the effect of reducing the cost actually incurred);
(5) Incurred and be for work performed after the date of this Contract Agreement;
(6) In conformance with the standards for allowable costs and other requirements as set forth in 2 CFR Part 200 – Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly referred to as the “Super Circular”) and all amendments thereto, incorporated herein by reference insofar as applicable hereto;
(7) To the satisfaction of the DEPARTMENT;
(8) Treated uniformly and consistently under accounting principles and procedures approved or prescribed by the DEPARTMENT; and
(9) All purchases must be made consistent with State Laws and Purchasing Procedures.
(10) Allowable costs shall be reduced by all income, including, but not limited to, farebox revenue and contract revenue (excluding revenues derived from human service agency contracts), received by the CONTRACTOR for services provided under this program or for any other use of equipment purchased through this program. Allowable costs may include eligible costs that are paid by the CONTRACTOR using local contributions that are not required as a part of the match for this project. Local contributions may be added to funds committed to the project budget to further the purposes of the project.
Allowable Cost. Procedures for determining reasonableness, allowability, and allocability of costs generally consistent with the provisions of federal and State requirements pursuant to 2 C.F.R. Part 200.403 et seq.