DOD Holding Tight On F-35 Purse Strings: Lockheed

Law360, New York (October 26, 2011, 8:20 PM EDT) -- Lockheed Martin Corp. told investors Wednesday that the U.S. Department of Defense is holding up additional funds for an F-35 fighter contract until Lockheed agrees to shoulder any additional costs that may arise during the aircraft's testing.

Lockheed CEO Bob Stevens said the company was negotiating with the DOD over additional funding for a fifth group of aircraft provided under a "low-rate initial production" contract, under which the DOD planned to buy some aircraft from Lockheed while testing was ongoing.  While Congress appropriated money for the...
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