Regulation 3 Amendment of regulation 2 (interpretation)

after the definition of “the Act” insert—

• ““alternative pricing method” means one of the contract pricing methods described in Chapter 3 of Part 3;”;

after the definition of “business unit” insert—

• ““competed rate” means the competed rate or price in accordance with the terms of the relevant framework agreement;

• “component”, in relation to a contract, has the meaning given by regulation 9A;

• “component completion date” has the meaning given by regulation 4(1A);”;

in the definition of “contract completion date”, at the end insert “(1)”;

for the definition of “contract price” substitute—

• ““contract price” has the meaning given by regulation 4A;”;

after the definition of “contract price” insert—

• ““contract pricing method” means an alternative pricing method or a default pricing method;”;

after the definition of “cost recovery rate” insert—

• ““default pricing method” means one of the contract pricing methods described in Chapter 2 of Part 3;”;

in the definition of “further group sub-contract”, for “12(6)” substitute “13A(4)”;

in the definition of “group sub-contract”, for “12(5)” substitute “13A(3)”;

omit the definition of “regulated pricing method”;

in the definition of “the time of agreement”, at the end insert—

“(c)

in the case of a component of a qualifying defence contract—

(i)

the date the component is entered into; or

(ii)

if the price payable under the component is re-determined in accordance with the Schedule, the date of that re-determination;”.