Determining allowable costs for contract pricing or reimbursement purposes can be complicated. FAR Part 31 contains cost principles and procedures for the pricing of contracts, subcontracts, and modifications to contracts and subcontracts whenever cost analysis is performed, and the determination, negotiation, or allowance of costs when required by a contract clause.

This workshop provides a thorough understanding of the nature and intent of FAR Part 31 --Contract Cost Principles and Procedures, Subpart 31.2 --Contracts with Commercial Organizations. Coverage includes the basic FAR requirements for cost accounting and cost principle application contained in FAR 31.201 through FAR 31.204, as well as a detailed examination and explanation of each contract cost principle contained FAR 31.205.