8.155. Final Payments
- The total time charged under a fixed rate contract should be verified for acceptability and accuracy of recording before the final claim is processed for payment. The findings of such verifications will be noted on the procurement file.
- The contracting officer, or other qualified personnel designated by the sector/region concerned, should carry out the verification of time for acceptability.
- Verification of time for accuracy of recording should be carried out by qualified personnel from the financial division or section in the directorate concerned, or other suitably qualified personnel with the prior approval of the director who is also responsible for setting the standards of verification for the accuracy of recording.
8.155.1 Refunds of Excess Profits
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As the result of an audit, or for various other reasons, it may be determined that a contractor has realized unreasonably high profits from a contract. On such occasion, a contractor may need to return excess profits to the department. The special procedures for dealing with these situations are in Annex 8.5: Refunds of Excess Profits Earned on Public Works and Government Services Canada Contracts.