[USC05] 41 USC 4301: Definitions
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TEXT OF PART V OF SUBTITLE A (3001 ET SEQ.), EFFECTIVE JANUARY 1, 2022, CURRENTLY SET OUT AS A PREVIEW

41 USC 4301: Definitions Text contains those laws in effect on June 19, 2021
From Title 41-PUBLIC CONTRACTSSubtitle I-Federal Procurement PolicyDivision C-ProcurementCHAPTER 43-ALLOWABLE COSTS

§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.

( 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 .)

Historical and Revision Notes
Revised

Section

Source (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, title VIII, §808(b)(2), Nov. 18, 1997, 111 Stat. 1836 ; Pub. L. 105–261, title VIII, §804(b), Oct. 17, 1998, 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, title II, §2151, Oct. 13, 1994, 108 Stat. 3315 .
4301(3) 41:256(m)(3).
4301(4) 41:256(m)(2).

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.