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Cost-plus Contract
A cost-plus contract, also termed a cost plus contract, is a contract such that a contractor is paid for all of its allowed expenses, ''plus'' an additional payment to allow for risk and incentive sharing.Cost-Plus Contracts Cost-reimbursement contracts contrast with s, in which the contractor is paid a negotiated amount regardless of incurred expenses. Histo ...
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Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lockheed Martin F-35 Lightning II
The Lockheed Martin F-35 Lightning II is an American family of single-seat, single-engine, supersonic Stealth aircraft, stealth strike fighters. A multirole combat aircraft designed for both Air superiority fighter, air superiority and attack aircraft, strike missions, it also has electronic warfare and intelligence, surveillance, and reconnaissance capabilities. Lockheed Martin is the prime F-35 contractor with principal partners Northrop Grumman and BAE Systems. The aircraft has three main variants: the CTOL, conventional takeoff and landing (CTOL) F-35A, the STOVL, short take-off and vertical-landing (STOVL) F-35B, and the carrier-based, carrier variant (CV) Catapult Assisted Take-Off But Arrested Recovery, catapult-assisted take-off but arrested recovery (CATOBAR) F-35C. The aircraft descends from the Lockheed Martin X-35, which in 2001 beat the Boeing X-32 to win the Joint Strike Fighter program, Joint Strike Fighter (JSF) program intended to replace the General Dynami ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more Party (law), parties. A contract typically involves consent to transfer of goods, Service (economics), services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek legal remedy, judicial remedies such as damages or equitable remedies such as specific performance or Rescission (contract law), rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that pacta sunt servanda, agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Terms
Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably. Corporations are distinct from sole proprietors and partnerships. Corporations are separate and unique legal entities from their shareholders; as such they provide limited liability for their owners and members. Cor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost-plus Pricing
Cost-plus pricing is a pricing strategy by which the selling price of a product is determined by adding a specific fixed percentage (a " markup") to the product's unit cost. Essentially, the markup percentage is a method of generating a particular desired rate of return. An alternative pricing method is value-based pricing. Cost-plus pricing has often been used for government contracts ( cost-plus contracts), and has been criticized for reducing incentive for suppliers to control direct costs, indirect costs and fixed costs whether related to the production and sale of the product or service or not. Companies using this strategy need to record their costs in detail to ensure they have a comprehensive understanding of their overall costs. This information is necessary to generate accurate cost estimates. Cost-plus pricing is especially common for utilities and single-buyer products that are manufactured to the buyer's specification, such as for military procurement. Mechan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Engineering
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." Skills and knowledge of cost engineers are similar to those of quantity surveyors. In many industries, cost engineering is synonymous with project controls. As the title "engineer" has legal requirements in many jurisdictions (e.g. Canada, Texas), the cost engineering discipline is often renamed to project controls. A cost engineer is "an engineer whose judgment and experience are utilized in the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science; profitability analysis; project management; and planning and scheduling". Overview One key objective of cost en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Rate
The market rate (or "going rate") for goods or services is the usual price charged for them in a free market. If demand goes up, manufacturers and laborers will tend to respond by increasing the price they require, thus setting a higher market rate. When demand falls, market rates also tend to fall (see Supply and demand). See also * Interest * Market price A price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. In some situations, especially when the product is a service rather than a phy ... External linksBusiness Dictionary Free market {{econ-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Case
Legal proceeding is an activity that seeks to invoke the power of a tribunal in order to enforce a law. Although the term may be defined more broadly or more narrowly as circumstances require, it has been noted that " e term ''legal proceedings'' includes proceedings brought by or at the instigation of a public authority, and an appeal against the decision of a court or tribunal". Legal proceedings are generally characterized by an orderly process in which participants or their representatives are able to present evidence in support of their claims, and to argue in favor of particular interpretations of the law, after which a judge, jury, or other trier of fact makes a determination of the factual and legal issues. * Activities needed to have a court deem legal process to have been provided, such as through service of process. * Conduct of a trial, whether a lawsuit or civil trial, or a criminal trial. * Issuance and enforcement of court orders, including those imposing forecl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Perverse Incentive
The phrase "perverse incentive" is often used in economics to describe an incentive structure with undesirable results, particularly when those effects are unexpected and contrary to the intentions of its designers. The results of a perverse incentive scheme are also sometimes called cobra effects, where people are incentivized to make a problem worse. This name was coined by economist Horst Siebert based on an anecdote taken from the British Raj. The British government, concerned about the number of venomous cobras in Delhi, offered a bounty for every dead cobra. Initially, this was a successful strategy; large numbers of snakes were killed for the reward. Eventually, however, people began to breed cobras for the income. When the government became aware of this, the reward program was scrapped. The cobra breeders set their snakes free, leading to an overall increase in the wild cobra population. Cited in Brickman, p. 326. Perverse incentives arise in various fields such as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Premium
A risk premium is a measure of excess return that is required by an individual to compensate being subjected to an increased level of risk. It is used widely in finance and economics, the general definition being the expected risky Rate of return, return less the Risk-free interest rate, risk-free return, as demonstrated by the formula below. Risk \ premium = E(r) - r_f Where E(r) is the risky expected rate of return and r_f is the risk-free return. The inputs for each of these variables and the ultimate interpretation of the risk premium value differs depending on the application as explained in the following sections. Regardless of the application, the market premium can be volatile as both comprising variables can be impacted independent of each other by both cyclical and abrupt changes. This means that the market premium is dynamic in nature and ever-changing. Additionally, a general observation regardless of application is that the risk premium is larger during economic do ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Space Launch System
The Space Launch System (SLS) is an American Super heavy-lift launch vehicle, super heavy-lift Expendable launch system, expendable launch vehicle used by NASA. As the primary launch vehicle of the Artemis program, Artemis Moon landing program, SLS is designed to launch the crewed Orion (spacecraft), Orion spacecraft on a trans-lunar trajectory. The first (and so far only) SLS launch was the uncrewed Artemis I, which took place on 16 November 2022. Development of SLS began in 2011 as a replacement for the retiring Space Shuttle as well as the canceled Ares I and Ares V launch vehicles. SLS was built using existing Shuttle technology, including Space Shuttle Solid Rocket Booster, solid rocket boosters and RS-25 engines. The rocket has been criticized for its political motivations, seen as a way to preserve jobs and contracts for aerospace companies involved in the Shuttle program at great expense to NASA. The project has faced significant challenges, including mismanagemen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NASA
The National Aeronautics and Space Administration (NASA ) is an independent agencies of the United States government, independent agency of the federal government of the United States, US federal government responsible for the United States's civil list of government space agencies, space program, aeronautics research and outer space, space research. National Aeronautics and Space Act, Established in 1958, it succeeded the National Advisory Committee for Aeronautics (NACA) to give the American space development effort a distinct civilian orientation, emphasizing peaceful applications in space science. It has since led most of America's space exploration programs, including Project Mercury, Project Gemini, the 1968–1972 Apollo program missions, the Skylab space station, and the Space Shuttle. Currently, NASA supports the International Space Station (ISS) along with the Commercial Crew Program and oversees the development of the Orion (spacecraft), Orion spacecraft and the Sp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
