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Congress

Lockheed CEO: Sequestration Would Force Voiding Of Supplier Contracts

Defense Daily Staff Defense Daily Staff
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Lockheed Martin [LMT] CEO Bob Stevens warned yesterday that sequestration would likely force the big defense firms to void contracts with subcontractors and suppliers, resulting in “thousands of claims” for adjustments to the pricing. Multiyear contracts within the defense industry with subcontractors and suppliers contain terms that are based on the planned funding, and sequestration would have a major impact on them and on the survivability of small businesses, Stevens said. “When that funding stops we will be abrogating all…

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