COR Invoice Review & Payment Processing Flashcards

What is the purpose of a receiving report in the contractor payment process?

Answer: To certify that goods or services were received and accepted by the government

A receiving report certifies that the government has inspected and accepted the goods or services delivered by the contractor, which is required before payment.

Under FAR, constructive acceptance generally occurs when the government fails to accept or reject deliverables within how many days?

Answer: 15 days

Constructive acceptance generally occurs after 15 days if the government has not formally accepted or rejected the contractor's deliverable.

Which of the following is NOT a COR responsibility in the invoice review process?

Answer: Negotiating the final contract price

Negotiating the final contract price requires contracting warrant authority and is exclusively a Contracting Officer responsibility, not a COR function.

When a contractor submits a final invoice, the COR should verify that:

Answer: All deliverables have been accepted and no outstanding claims or disputes exist

Before certifying a final invoice, the COR must confirm all deliverables are accepted, all work is complete, and no open claims or disputes remain on the contract.

What tool does a COR typically use to track cumulative contractor billings against the contract ceiling?

Answer: Funds status report or contract financial ledger

A funds status report or contract financial ledger tracks cumulative billings against the contract ceiling to alert the COR when funds are running low.

If a contractor submits a valid invoice but the contract has insufficient remaining funds to cover it, the COR should:

Answer: Immediately notify the Contracting Officer so appropriate action can be taken

When funds are insufficient, the COR must immediately notify the Contracting Officer, who has authority to modify the contract, request additional funding, or stop work.