F-35 Contracts To Be Fixed-Price Under Defense Bill

Law360, New York (December 13, 2011, 7:17 PM EST) -- Future federal purchases of F-35 Joint Strike Fighters, long plagued by budget overruns and delays, will be subject to fixed-price contracts holding contractor Lockheed Martin Corp. liable for any unexpected additional costs under a 2012 defense funding bill that congressional armed services committees reconciled Monday.

The move to a fixed price comes on the heels of the Pentagon's Friday announcement that it had awarded a new $4 billion-plus contract to Lockheed Martin for 30 additional fighters — its fifth group of fighters purchased while the stealth...
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