Certain Federal Acquisition Regulation Part 16 Contract Pricing Requirements - FAR Sections Affected: 52.216-2, 52.216-3, 52.216-4, 52.216-5, 52.216-6, 52.216-16, and 52.216-17
Certain Federal Acquisition Regulation Part 16 Contract Pricing Requirements - FAR Sections Affected: 52.216-2, 52.216-3, 52.216-4, 52.216-5, 52.216-6, 52.216-16, and 52.216-17
Extension without change of a currently approved collection
No
Regular
Approved without change
04/15/2025
03/13/2025
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
04/30/2028
36 Months From Approved
04/30/2025
45,260
0
61,580
71,192
0
114,743
4,983,440
0
6,540,351
This clearance covers the information that contractors must submit to comply with the following FAR part 16 requirements:
â FAR 52.216-2, Economic Price Adjustment-Standard Supplies; FAR 52.216-3, Economic Price Adjustment-Semistandard Supplies; and FAR 52.216-4, Economic Price Adjustment-Labor and Material. These clauses require contractors on contracts that provide for economic price adjustments to promptly notify the contracting officer of any increases or decreases to established prices or labor rates (including fringe) because of certain contingencies, such as increases or decreases to established catalog or market prices or changes to cost indexes for labor or materials.
â FAR 52.216-5, Price Redetermination-Prospective. Paragraph (c) of this clause requires a contractor on a fixed-price contract with prospective price redetermination to submit to the Government (within an agreed upon timeframe) a statement of costs incurred for the most recent period of performance, the proposed prices for the upcoming contract period, and any supporting or relevant documentation. Per paragraph (h) of the clause, during periods where firm prices have not been established, the contractor must also submit quarterly statements that includes a breakdown of total contract prices, costs, and profit incurred and all invoices accepted for delivered items or services for which final prices have not been established.
â FAR 52.216-6, Price Redetermination-Retroactive. Paragraph (c) of this clause requires a contractor on a fixed-ceiling-price contract with retroactive price redetermination to submit to the Government (within an agreed upon timeframe after completion of the contract) the proposed prices, all costs incurred in performing the contract, and any supporting or relevant documentation. Per paragraph (g) of the clause, until final price redetermination has been completed, the contractor must also submit a quarterly statement that includes a breakdown of total contract prices, costs, and interim profit incurred and all invoices accepted for delivered items.
â FAR 52.216-16, Incentive Price RevisionâFirm Target; and FAR 52.216-17, Incentive Price RevisionâSuccessive Targets. These clauses require contractors on fixed price incentive (firm or successive target) contracts to submit to the Government on a quarterly basis a statement regarding total contract prices, costs, portions of interim profit, and amounts of invoices or vouchers for completed work that is cumulative from the beginning of the contract (see 52.216-16(g) and 52.216-17(i)). Upon final delivery of supplies or completion of services for covered line items, the contractor is required to submit a detailed statement of all costs incurred up to the end of that month in performing all work under the items; an estimate of costs of further performance, if any, that may be necessary to complete performance of all work under the items; a list of all residual inventory and an estimate of its value; and any other relevant data that the Contracting Officer may reasonably require (see 52.216-16(c) and 52.216-17(e)). Paragraph (c) of 52.216-17 also requires submission of data for establishing the firm fixed price or a final profit adjustment formula.
â The estimated cost per hour is based on use of the calendar year 2024 OPM GS wage rates for the rest of the United States.
â The estimated number of respondents and annual responses were based on an annual average of FPDS award data for fiscal years 2021 through 2023. The data was limited to contracts above the micro-purchase threshold ($10,000) since the FAR does not require provisions or clauses in micro-purchases, except as provided at FAR 13.202 and 32.1110 (see FAR subpart 13.2). The data set was further limited to base awards by using the FPDS parameter âMOD=0â.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
9000-0067 PRA Supporting Statement Part A 01.29.25.docx
Economic Price Adjustment-Standard Supplies; Economic Price Adjustment-Semistandard Supplies; Economic Price Adjustment-Labor and Material