Business professionals who manage contracts, in both the public and private business sectors, must be aware of the many types of contract pricing arrangements available in order to choose the best type for each situation. Over time, three general pricing arrangements categories have evolved: fixed-price, cost-reimbursement (CR), and time-and-materials (T&M).
Despite, the relatively common use of T&M contracts worldwide for the buying and selling of professional services (i.e. automotive repairs, plumbing services, legal services, accounting services, consulting services, etc.) the U.S. federal government has created numerous complex laws, policies, and regulations which govern the pre-award, award, and post-award actions of T&M contracts.
Best-selling and award-winning author and leading government contracting consultant – Gregory A. Garrett - has created this practical and comprehensive Time-and-Materials Contracts and Pricing Answer Book. If you plan to use or are using government T&M contracts, then this book is a must read!
Key features include:
. 100+ T&M Contracts and Pricing Questions and Answers
· The most recent OMB Policy on T&M Contracts
· The most recent GAO Reports on T&M Contracts
· An excellent Introduction to the full-range of Government Contract types
· A Glossary of Key Terms
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Table of Contents
Introduction to Government Contract Types or Pricing Arrangements
Summary of T&M Contracts & Pricing Questions
Chapter 1: Fundamentals of Time-and-Materials (T&M) Contracts and Pricing – Q&A
Chapter 2: Guidance Applicable to All T&M Contracts – Q&A
Chapter 3: Guidance Applicable Only to Commercial Services, T&M Contracts – Q&A
Chapter 4: Guidance Applicable Only to Non-Commercial Services, T&M Contracts – Q&A
Chapter 5: Most Frequently Asked Questions & Answer (Q&A), About T&M Contracts
- Summary of Requirements for Commercial vs. Non-Commercial T&M and Labor Hour Contracts
Office of Management and Budget (OMB) Memo, Subject: Improving Government Acquisition, July 29, 2009
- Government Accountability Office (GAO) Report – GAO-09-579 (June 2009) “Contract Management: Minimal Compliance with New Safeguards for Time-and-Materials Contracts for Commercial Services and Safeguards Have Not Been Applied to GSA Schedules Progarm”
- Government Accountability Office (GAO) Report – GAO 07-273 (June 2007) “Defense Contracting: Improved Insight and Controls Needed Over DOD’s Time-and-Materials Contracts.”
Glossary of Key Terms