Navy To Evaluate Shipbuilding Contract Incentives, GAO Says
Law360, New York (March 2, 2017, 2:29 PM EST) -- The U.S. Department of Defense will conduct a review on the effectiveness of additional incentives in fixed-price incentive shipbuilding contracts, after a U.S. Government Accountability Office review released on Wednesday found that the agency covers a disproportionate share of cost overruns under the contracts.
The DOD has relied on FPI contracts, which divide additional costs or savings between the government and contractors when actual procurement costs deviate from the fixed price of a contract, for most of its ship procurement for the last decade. But according to the GAO report released on Wednesday, the department often fails to produce required documentation...
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