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Navy Awards Lockheed Martin $53.5M to Cover Post-Termination Expenses of Helicopter Development Contract

The U.S. Navy has awarded Lockheed Martin Corp., Mission Systems and Sensors (NYSE: LMT), Owego, N.Y., a $53, 396, 891 modification to the previously awarded cost-plus-award-fee VH-71 system development and demonstration contract, which was terminated for the convenience of the government.

The modification provides funding for post-termination related expenses, including:

  • The physical inventory of contractor acquired property
  • Proposal preparation
  • Security
  • Disposition of contract inventory
  • Subcontractor settlement costs
  • Termination management activities

Thirty-six percent of the work will be performed in Owego, N.Y., The remaining work will be completed at various subcontractor facilities located in the U.S., U.K. and Italy. Work is expected to be completed no later than September 2012.

Contract funds will not expire at the end of the current fiscal year.  The Naval Air Systems Command, Patuxent River, Md., is the contracting activity.

 

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