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 | 5 min read | 12.02.25
As we have reported previously, California has enacted a pair of climate-related reporting laws that apply to large entities doing business in California (SB 253 and SB 261, as modified by SB 219). This alert provides an update on only the most recent events; please see previous alerts for a broader overview of the laws’ requirements.
Client Alert | 11 min read | 12.01.25
Client Alert | 5 min read | 12.01.25
Client Alert | 6 min read | 11.26.25
From ‘Second’ to ‘First:’ Federal Circuit Tackles Obvious Claim Errors
