Compound Interest On CAS
Client Alert | 1 min read | 08.31.07
In Raytheon Co. (Aug. 22, 2007), the ASBCA held that segment closing adjustments under CAS 413 should be treated as "CAS noncompliances," making interest due on the adjustment from the date of the segment closing, and that the interest calculation is to be compounded daily because the Internal Revenue Code (IRC) requires that the IRS interest rate applicable by cross-reference from the CAS statute be compounded daily. It does not appear that the contractor argued -- and the Board therefore did not address -- that the CAS statute incorporates into CAS only the section of the IRC containing the interest rate, 28 U.S.C. 6621, not the section of the IRC requiring compounding daily, 28 U.S.C. 6622, or that the interest rate due for contracts awarded before the cross-reference to the IRC was added to the CAS statute should be subject to the prior rates that applied to those contracts.
Insights
Client Alert | 6 min read | 11.26.25
From ‘Second’ to ‘First:’ Federal Circuit Tackles Obvious Claim Errors
Patent claims must be clear and definite, as they set the boundaries of the patentee’s rights. Occasionally, however, claim language contains errors, such as typographical mistakes or incorrect numbering. Courts possess very limited authority to correct such errors. The United States Court of Appeals for the Federal Circuit has emphasized that judicial correction is appropriate only in rare circumstances, where (1) the error is evident from the face of the patent, and (2) the proposed correction is the sole reasonable interpretation in view of the claim language, specification, and prosecution history. See Group One, Ltd. v. Hallmark Cards, Inc., 407 F.3d 1297, 1303 (Fed. Cir. 2005) and Novo Indus., L.P. v. Micro Molds Corp., 350 F.3d 1348, 1357 (Fed. Cir. 2003).
Client Alert | 5 min read | 11.26.25
Client Alert | 6 min read | 11.25.25
Brussels Court Clarifies the EU’s SPC Manufacturing Waiver Regulation Rules
Client Alert | 3 min read | 11.24.25
