recommended reading

Pentagon withholds $47 million from Lockheed on F-35

AP file photo

The Pentagon is withholding $46.5 million from Lockheed Martin because of ongoing deficiencies with a system used to track costs and schedules for the F-35 fighter, Bloomberg reports.

The F-35 has been criticized for delays and growing costs. Program costs are at an estimated $395.7 billion for eventual production of 2,443 planes, up 70 percent from the $233 billion projected in 2001, adjusted for inflation, according to Bloomberg.

The funds being withheld won’t be released until all the deficiencies in the system are corrected and it “regains approval status,” a spokeswoman told Bloomberg.

A Pentagon rule, effective August 2011, required new contracts to spell out arrangements for withholding payments if there are any glitches. The most the Pentagon can withhold from billings under the regulation is 5 percent.

Threatwatch Alert

Thousands of cyber attacks occur each day

See the latest threats

JOIN THE DISCUSSION

Close [ x ] More from Nextgov
 
 

Thank you for subscribing to newsletters from Nextgov.com.
We think these reports might interest you:

  • Modernizing IT for Mission Success

    Surveying Federal and Defense Leaders on Priorities and Challenges at the Tactical Edge

    Download
  • Communicating Innovation in Federal Government

    Federal Government spending on ‘obsolete technology’ continues to increase. Supporting the twin pillars of improved digital service delivery for citizens on the one hand, and the increasingly optimized and flexible working practices for federal employees on the other, are neither easy nor inexpensive tasks. This whitepaper explores how federal agencies can leverage the value of existing agency technology assets while offering IT leaders the ability to implement the kind of employee productivity, citizen service improvements and security demanded by federal oversight.

    Download
  • Effective Ransomware Response

    This whitepaper provides an overview and understanding of ransomware and how to successfully combat it.

    Download
  • Forecasting Cloud's Future

    Conversations with Federal, State, and Local Technology Leaders on Cloud-Driven Digital Transformation

    Download
  • IT Transformation Trends: Flash Storage as a Strategic IT Asset

    MIT Technology Review: Flash Storage As a Strategic IT Asset For the first time in decades, IT leaders now consider all-flash storage as a strategic IT asset. IT has become a new operating model that enables self-service with high performance, density and resiliency. It also offers the self-service agility of the public cloud combined with the security, performance, and cost-effectiveness of a private cloud. Download this MIT Technology Review paper to learn more about how all-flash storage is transforming the data center.

    Download

When you download a report, your information may be shared with the underwriters of that document.