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The interim contract report is used to provide timely information between the start and end of the contract in a manner that can be compared with the contract notification report and the contract completion report.
The ICR (lower value) is only applicable for qualifying defence contracts or qualifying subcontracts with a contract value less than £50,000,000.
The report is used to track actual and forecast costs and deliverables. It is split in the same way as the contract notification report to allow direct comparison over the life of the contract. As the ICR is completed during the life of the contract it captures actual cost and performance as well as forecast until the end of the contract. The ICR contains analysis of the cost recovery bases, use of the risk contingency and forecast profit. The report records the following information:
a list of key deliverables as specified in the contract, with a brief description and the associated output metrics;
an annual profile of the following elements which were used in determining the contract price and the actual costs incurred and forecasted:
any risk contingency element;
profit resulting from any adjustments;
costs split by defined pricing structure;
total amount of Allowable Costs (non-recurring) split by defined pricing structure; and
amount of each cost recovery base set out in the contract reporting plan.
variance analysis between the annual profile of the estimated cost and the actual cost and an assessment of forecast final payments;
a list of all payments exceeding £100,000 or 1 per cent of the contract value, the payment amount and the date of payment and currency;
details of any Target Cost Incentive Fee adjustment;
a description of any events or circumstances that may have a material impact on the contract;
summary of contract delivery milestones with contracted target dates and actual or forecast completion dates;
a list of all deliverable milestones set out in the contract and dates where applicable;
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 let or expected to be let; and
a list of actual or intended subcontracts that the primary contractor has entered into or expects to with a value not less than £1 million, or the top 20 subcontractors if a large number.
The contractor must provide an interim contract report for the qualifying defence contract within two months after the agreed reporting date. The reporting date is to be agreed with the MOD and there are a number of defaults in place as follows:
the reporting date may be no more than five years after the date of contract being let; or
if there is no agreement between the contractor and Secretary of State, the date will be three years after the last day of the calendar quarter during which the initial reporting date fell.