Overcharging in cost type tender contracts refers to schemes by contractors to defraud the government by charging additional amount on cost-type contracts.
Overcharging in cost type contracts
Overcharging in cost type contracts refers to schemes by contractors to defraud the government by charging additional amount on cost-type contracts. The contractor can do so in a number of ways, including charging labor costs incurred on a private fixed price contract to the government cost-plus job, or by charging the same amount of costs to two or more contracts.
Concealing the original cost
Concealing the original cost occurs if government contractors fail to disclose accurate, current and complete pricing date in contract proposals on cost-type contracts. The contractors can use inflated costs in proposals for labor and materials, submit fake price quotations from phantom suppliers, fail to disclose discounts, falsify supporting documentation, or resort to other tactics in an attempt to improve their profits.
Factitious, elevated or duplicate invoices
Tendering companies can intentionally produce false ,duplicate or inflated invoices.
(Meaning that no services were provided)
The Plan can involve contractor acting alone or in collusion with an employee of the victim department who shares in the profits.
Inappropriate use of petty cash
Inappropriate use of petty cash fund (also known as “special operating accounts”) is a common game. Petty cash can be embezzled or used improperly by contractor or employees. The employees might submit false or inflated requests for reimbursement of expenses, use the fund for personal or unauthorized expenditures or “double the cream” by submitting reimbursement both to fund and accounts payable.
The Slap That Changed My Life
“It takes twenty years of hard work to become an overnight success”. Well I think that true. I was a tall lean lad with a broken front tooth in my youth. No body cared about me .I used to wondered in the woods near our house for hours with out any friend, alone on the path of unknown destiny, alone on a journey without destination.
The Games Dishonest Tendering Companies Play
Its is clear from the above mentioned fraud plans that it is either a corrupt procurement personal or contractors or both who gets the cream, and the poor public sector is burdened with high priced low quality goods of services.
Indicators Of Potential Tendering Fraudster
Male commit nearly three-quarters of the offences. Median losses caused men are nearly four times those caused by women.
