DCMA Ups Withholding On Lockheed F-35 Contract To 5%

Law360, New York (June 26, 2012, 9:32 PM EDT) -- The Defense Contract Management Agency is increasing the amount it withholds from Lockheed Martin Corp.'s F-35 fighter contract to 5 percent, based on the contractor's failure to quickly correct a deficient internal business system, according to a Friday letter from the agency.

The withholding, based on a rule new that allows the U.S. Department of Defense to hold back payments based on deficiencies in contractor business systems, is an increase from the 2 percent withholding announced by the DCMA in February. At the time, DCMA said...
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