Renegotiation Act Amendments

Summary

Renegotiation Act Amendments - Revises the procedures under the Renegotiation Act of 1951 for determining excessive profits by national defense contractors. Authorizes the Renegotiation Board to consider specified factors in renegotiating national defense contracts. Revises regulations regarding the interest to be paid to the United States by such contractors on the amount of excessive projects. Stipulates that the term of office for members of the Board shall be 5 years. Imposes increased penalties upon national defense contractors who willfully fail to supply or falsify information required to be furnished to the Board. Makes the following contracts subject to the excess profits provisions of the Renegotiation Act of 1951: (1) contracts for the products of mines, oil or gas wells, and unprocessed timber; (2) contracts for durable productive equipment and standard commercial articles and services; and (3) contracts performed outside the United States.

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1 official file

• Introduced in House

  summary · EN · 15 April 1975

  Open at official source

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