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Indirect Cost Agreement

Indirect Cost Agreement Template for Philippines

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Key Requirements PROMPT example:

Indirect Cost Agreement

"I need an Indirect Cost Agreement under Philippine law for a shared services arrangement between our parent company and three subsidiaries, with specific provisions for IT infrastructure cost allocation and quarterly rate adjustments starting January 2025."

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Document background
The Indirect Cost Agreement serves as a crucial document for organizations operating in the Philippines that need to establish a formal, compliant framework for allocating indirect costs across different entities, projects, or cost centers. This agreement is particularly important in contexts where accurate cost allocation is required for regulatory compliance, government contracting, or internal financial management. The document ensures compliance with Philippine accounting standards, tax regulations, and government procurement laws while providing a clear methodology for identifying, calculating, and allocating indirect costs. It is commonly used in shared services arrangements, government contracts, and complex corporate structures where systematic cost allocation is essential for financial reporting and operational efficiency.
Suggested Sections

1. Parties: Identification of the contracting parties, including their legal names, addresses, and registration details

2. Background: Context of the agreement, including the business relationship and purpose of the indirect cost allocation

3. Definitions: Detailed definitions of terms used throughout the agreement, particularly technical accounting and cost-related terms

4. Scope of Agreement: Definition of what costs are covered, which entities are involved, and the timeframe of the agreement

5. Cost Pool Determination: Specification of which indirect costs are included in the cost pool and how they are identified

6. Allocation Methodology: Detailed explanation of how indirect costs will be allocated, including the basis and formulas used

7. Calculation Procedures: Step-by-step procedures for calculating and applying indirect cost rates

8. Review and Adjustment: Procedures for periodic review of rates and circumstances requiring adjustments

9. Documentation Requirements: Requirements for maintaining records and supporting documentation

10. Billing and Payment Terms: Procedures and timelines for billing and payment of indirect costs

11. Term and Termination: Duration of the agreement and conditions for termination

12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

Optional Sections

1. Government Compliance: Required when the agreement involves government contracts or public funds, detailing compliance with RA 9184

2. Audit Rights: Optional section detailing audit procedures and rights, recommended for high-value agreements

3. Dispute Resolution: Optional detailed dispute resolution procedures, recommended for international parties

4. Force Majeure: Optional clause for circumstances preventing performance, particularly relevant in long-term agreements

5. Confidentiality: Optional when dealing with sensitive cost information or proprietary allocation methods

6. Insurance Requirements: Optional section specifying required insurance coverage, relevant for high-risk activities

7. Environmental Cost Allocation: Required when environmental compliance costs are significant part of indirect costs

Suggested Schedules

1. Schedule A - Cost Pool Components: Detailed listing of all indirect costs included in the cost pool

2. Schedule B - Allocation Bases: Detailed description of allocation bases used for different types of indirect costs

3. Schedule C - Calculation Examples: Examples showing how the indirect cost allocation works in practice

4. Schedule D - Rate Review Timeline: Timeline and procedures for periodic rate reviews and adjustments

5. Schedule E - Required Documentation: List of required supporting documentation and record-keeping requirements

6. Appendix 1 - Reporting Templates: Standard templates for reporting indirect cost calculations and allocations

7. Appendix 2 - Compliance Checklist: Checklist ensuring compliance with Philippine accounting and tax regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

















































Clauses



































Relevant Industries

Manufacturing

Construction

Government Services

Shared Services

Technology Services

Defense Contracting

Healthcare

Education

Infrastructure Development

Professional Services

Research and Development

Telecommunications

Engineering Services

Relevant Teams

Finance

Accounting

Procurement

Compliance

Legal

Government Relations

Internal Audit

Treasury

Tax

Operations

Shared Services

Project Management

Risk Management

Relevant Roles

Chief Financial Officer

Financial Controller

Cost Accounting Manager

Finance Director

Government Contracts Manager

Compliance Officer

Procurement Manager

Project Controller

Shared Services Director

Financial Planning Analyst

Treasury Manager

Audit Manager

Tax Director

Business Unit Controller

Operations Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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