41 U.S. Code § 4301 - Definitions

prev | next
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 items.
(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.)

Historical and Revision Notes
Revised Section Source (U.S. Code) Source (Statutes at Large)
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.
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.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

41 USCDescription of ChangeSession YearPublic LawStatutes at Large


LII has no control over and does not endorse any external Internet site that contains links to or references LII.