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Pentagon holding less progress payment back on Lockheed F-35 contract
September 17, 2013 / 12:00 AM / 4 years ago

Pentagon holding less progress payment back on Lockheed F-35 contract

WASHINGTON, Sept 16 (Reuters) - The Pentagon said on Monday that it has reduced its withholding of progress payments on Lockheed Martin Corp’s F-35 fighter jet program to 2 percent from 5 percent after the company got a passing grade on 15 of 16 tasks required to fix a deficient internal business system.

Joe DellaVedova, spokesman for the Pentago’s F-35 program office, said the action had been taken at the end of August. He had no details on the exact amount of money affected by the decision by the Defense Contracts Management Agency (DCMA).

No comment was immediately available from the agency.

DCMA increased the withholding last year to 5 percent from 2 percent after the company failed to make timely and significant progress on problems with its earned value management system, which helps the company track cost, schedule and other risks to the program. The DCMA has been critical of Lockheed’s earned value management system since 2007.

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