Contract cost principles and procedures are outlined in which part of the FAR?

Contract cost principles and procedures are specifically detailed in Part 31 of the FAR. This part lays out the general principles and guidelines that govern the allowability, allocability, and reasonableness of costs associated with government contracts. Part 31 is essential for ensuring that contractors understand which costs can be charged to the government, as it provides clarity on what constitutes acceptable and allowable costs.

When contracting officers review cost proposals, they refer to these principles to determine whether the proposed costs adhere to the regulations set forth in this portion of the FAR. This ensures consistency in the administration of government contracts and helps maintain integrity in the procurement process by enforcing standardized cost principles across various contractors and contracts.

Part 32 deals with contract financing, Part 33 covers protests, disputes, and appeals, and Part 39 addresses acquisition of information technology. These parts do not focus on cost principles, which is why they do not pertain to the question regarding the outline of contract cost principles and procedures.