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No Deductive Credit For Reduced Bond Premium Changes-deductive; Bonds

Thursday, November 03, 2005 04:23 pm

No Deductive Credit For Reduced Bond Premium Changes-deductive; Bonds

The General Services Administration Board of Contract Appeals has ruled that the government could not take deductive credits from fixed-price contracts based upon lower than expected bond premiums.

The GSA negotiated two contracts with Pangea, Inc. for replacement of roofs on federal buildings in St. Louis. Pangea submitted proposals breaking down its costs to a certain extent. The GSA questioned some of the costs, including the bond premiums. Pangea said it did not yet know the actual premiums, and the figures were merely estimates. At the con [...]

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