Did you know that 95% of contractors miss out on a crucial step that could save them thousands of dollars? It's called a Request for Equitable Adjustment (REA).
This underutilized tool is a formal request from a contractor to a contracting officer, asking for a change to the contract price due to an unforeseen change in requirements. This usually happens when an unexpected issue crops up that wasn't anticipated during the contract's development phase.
Imagine this. You're halfway through a project, and a sudden change throws a wrench in your plans. With an REA, you can adjust your contract to account for this change, saving you from absorbing the cost.
Here are three steps to remember when submitting an REA:
1. Identify the issue clearly and concisely.
2. Justify the adjustment with evidence and supporting documents.
3. Submit the proposal before submitting an official claim.
Did you ever use an REA to navigate unexpected contract changes?
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