Definitions

41 U.S.C. § 4301

• Title: 41 — Public Contracts
• Chapter: 43 — ALLOWABLE COSTS

Text

In this chapter:
(1) Compensation.—The term "compensation", for a fiscal year, means the total amount of wages, salary, bonuses, and deferred compensation for the fiscal year, whether paid, earned, or otherwise accruing, as recorded in an employer's cost accounting records for the fiscal year.
(2) Covered contract.—The term "covered contract" means a contract for an amount in excess of $500,000 that is entered into by an executive agency, except that the term does not include a fixed-price contract without cost incentives or any firm fixed-price contract for the purchase of commercial products or commercial services.
(3) Fiscal year.—The term "fiscal year" means a fiscal year established by a contractor for accounting purposes.
(4) Senior executive.—The term "senior executive", with respect to a contractor, means the 5 most highly compensated employees in management positions at each home office and each segment of the contractor.

History

(Pub. L. 111–350, §3, Jan. 4, 2011, 124 Stat. 3784; Pub. L. 115–232, div. A, title VIII, §836(b)(17), Aug. 13, 2018, 132 Stat. 1864.)

Editorial Notes

Editorial Notes

Amendments
2018—Par. (2). Pub. L. 115–232 substituted "commercial products or commercial services" for "commercial items".

Statutory Notes and Related Subsidiaries

Effective Date of 2018 Amendment
Amendment by Pub. L. 115–232 effective Jan. 1, 2020, subject to a savings provision, see section 836(h) of Pub. L. 115–232, set out as an Effective Date of 2018 Amendment; Savings Provision note under section 453b of Title 6, Domestic Security.