Statutes, codes, and regulations
United States Code
Title 41 - PUBLIC CONTRACTSSubtitle I - FEDERAL PROCUREMENT POLICYDivision C - PROCUREMENT
Chapter 43 - ALLOWABLE COSTS
Section 4301 - Definitions

41 U.S.C. § 4301

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Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)
Section 4301 - Definitions

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.

41 U.S.C. § 4301

Pub. L. 111-350, §3, Jan. 4, 2011, 124 Stat. 3784; Pub. L. 115-232, §836, 132 Stat. 1864.

HISTORICAL AND REVISION NOTE
Revised SectionSource (U.S. Code)Source (Statutes at Large)
4301(1)41:256(m)(1).June 30, 1949, ch. 288, title III, §306(m), as added Pub. L. 105-85, §808, 111 Stat. 1836; Pub. L. 105-261, §804, 112 Stat. 2083.
4301(2)41:256(l)(1).June 30, 1949, ch. 288, title III, §306(l)(1), as added Pub. L. 100-700, §8(a)(1), Nov. 19, 1988, 102 Stat. 4634; Pub. L. 103-355, §2151, 108 Stat. 3315.
4301(3)41:256(m)(3).
4301(4)41:256(m)(2).

EDITORIAL NOTES

AMENDMENTS2018-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.