UPI:
Jan. 4 (UPI) — Naval Sea Systems Command has tapped Raytheon with a contract to support the Evolved Sea Sparrow Missile design agent.
The contract, announced on Wednesday by the Department of Defense, is worth more than $37.5 million and falls under a cost-plus-fixed fee modification to a previously awarded contract for technical and engineering support of Raytheon’s Evolved Sea Sparrow Missile.
A cost-plus-fixed fee contract is a cost-reimbursement agreement that could provide Raytheon additional funds if the company runs into overrun costs on the contract. The reimbursement fee is negotiated before the contract is finalized.
