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
03/13/2025
Requested
Previously Approved
36 Months From Approved
04/30/2025
45,260
61,580
71,192
114,743
4,983,440
6,540,351
This clearance covers the information
that contractors must submit to comply with the following FAR part
16 requirements: ● 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. ● 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. ● 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. ● FAR
52.216-16, Incentive Price Revision–Firm Target; and FAR 52.216-17,
Incentive Price Revision–Successive 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.
● 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. ● 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 “MOD=0”.
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