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The quarterly contract report (QCR), provides a regular timely update on project performance to aid contract management.
It will be used to support improved contract management, to help detect and highlight issues with financial or schedule performance earlier and more effectively.
The QCR is only applicable for qualifying defence contracts with a contract value of £50 million or more.
The report provides a regular update of actual and forecast outturns for the contract, a view of the subcontractor supply chain and a summary of risk events and their impacts. The focus is on timely reporting rather than being able to compare and reconcile with the price and cost estimates and therefore, unlike the CNR and ICR, the QCR splits costs using the suppliers own reporting structure. The report records the following information:
the contract price broken down in accordance with the supplier breakdown by fiscal year, with a summary of cost recovery base volumes;
an annual profile of the following elements that were used to determine the contract price and the actual costs incurred and forecasted:
any risk contingency element;
profit resulting from any adjustments; and
estimated costs at the time of the agreement and costs incurred or expected to be incurred split by contractor reporting structure.
a breakdown of actual/forecast costs by calendar quarter for the previous, current and next year;
variance analysis between the annual profile of the estimated cost and the actual cost;
forecast of any Target Cost Incentive Fee adjustments or final price adjustments;
analysis of risk and opportunity outturns;
a summary of contract delivery milestones with contracted target dates and actual or forecast completion dates; and
a description of the subcontractor supply chain used for the contract and a general description of the subcontractor procurement strategy. Summary details of key subcontracts entered into or expected to be entered into.
The primary contractor must provide a quarterly contract report for the qualifying defence contract within one month of the end of each calendar quarter from the initial reporting date until the contract completion date.
No report is required for the calendar quarter in which the initial reporting date falls and no report is required for the calendar quarter in which the contract completion date falls.