Weathering the Storm: How Contractors Can Prepare for Upcoming Budget Cuts
Topic: Risk Management
Original Air Date: Thursday, May 26, 2011
Program Code: 170031
The current budget and funding crisis has created serious implications for companies performing contracts for the United States. Our federal government has performed under stop gap appropriations resolutions for over half of the fiscal year, at flat spending levels that are insufficient to fully execute many on-going contracts. Moreover, the proposed budget reflects significant cuts in funding available for procurements. As a result, the Government will be forced to take steps to reduce its procurement spending by changing or restructuring contracts. Contractors can expect contract terminations, de-scoping of quantities, and capabilities, contract stretch outs, breaks in production, and efforts by the Government to restructure contracts to make them more affordable. Accordingly, it is imperative to understand the implications of these issues, including the Government's right to take unilateral action, and to properly plan for them.
Missed the live event? Watch a snippet directly from the presentation!
The goal of this webinar session is for:
- Contractors to understand how contracts have already been
adversely impacted by flat funding provided in the first half of FY2011;
- Contractors to understand how contracts will be further impacted
when the Government is forced to curtail spending;
- Contractors to understand the parameters of the Government's
rights to de-scope quantities, capabilities or requirements under the "Changes" and "Termination" clauses, or to restructure contracts;
- Contractors to understand the implications of program
stretchouts and production breaks, including the contractor's right to additional compensation;
- Contractors to understand their performance obligations when
funding is exhausted and the risks of performing in an unfunded status; and
- Government officials and Contractors to understand the limits on
the Government's authority to force contract restructuring to align contract spending with available funding.
Elizabeth Ferrell, Partner, McKenna Long & Alridge, LLP
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