The FAR (Federal Acquisition Regulation) Councils have proposed to increase the dollar threshold for requiring audit of termination settlement proposals from $100,000 to $750,000. The proposed new threshold will be tied to the threshold for obtaining cost or pricing data (FAR 15.403-4(a)(1), thus whenever that threshold increases (once every five years based on inflation), the audit threshold for termination settlement proposals will increase as well.
New Regulation Formalizes Ombudsman Practice and Identity for IDIQ Contracts
An ‘ombudsman’ is an official charged with addressing and/or investigating the interests of individuals’ or companies’
