Accounting for Government Contracts - Federal Acquisition Regulation: Analyzing Terminations for Convenience

Terminations for Convenience. One may wonder why a contractor would challenge a termination for convenience. Several cases illustrate that challenges can be successful and sometimes are necessary to air all of the circumstances of the procurement, and to ensure a fair outcome.  Challenges of terminations for convenience based on allegations of bad faith require proof by "clear and convincing evidence"  In general, the importance of understanding government contract terms, rights, and obligations has never been higher.  For example, interested parties need to know about:

• Effects of termination for convenience
• Methods of settlement
• Settlement procedures, including settlements with subcontractors
• Settlement proposal preparation
• Allowable settlement costs
• Treatment of completed contract items
• No-cost settlements
• Short-form settlement proposals
• Settlement-related accounting issues
• Settlement proposal audits
• Settlement negotiations and agreements
• Payment procedures

LEXIS.com subscribers can view this and additional content at:1-18 Accounting for Government Contracts - Fed Acquisition Reg § 18.06. Current material is also available on: New Ethics Rules and Regulations; the Recovery Accountability and Transparency Board; the Jurisdiction of Courts vis a vis Boards of Contract Appeals; Pay-as-You-Go Pension Plans; and more...

Accounting for Government Contracts - Federal Acquisition Regulation is an outstanding guide that offers thorough coverage of all aspects of government contract accounting with particular emphasis on the Federal Acquisition Regulation (FAR).

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