{"identifier":"/us/usc/t41/s4301","title":41,"num":"\u00a7\u202f4301.","heading":"Definitions","text":"\u00a7\u202f4301.\nDefinitions\nIn this chapter:\n(1)\nCompensation.\u2014\nThe term \u201ccompensation\u201d, 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\u2019s cost accounting records for the fiscal year.\n(2)\nCovered contract.\u2014\nThe term \u201ccovered contract\u201d 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 products or commercial services.\n(3)\nFiscal year.\u2014\nThe term \u201cfiscal year\u201d means a fiscal year established by a contractor for accounting purposes.\n(4)\nSenior executive.\u2014\nThe term \u201csenior executive\u201d, 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.","url":"https://projectusc.org/usc/t41/s4301.html","content":[{"t":"sec","id":"/us/usc/t41/s4301","children":[{"t":"num","text":"\u00a7\u202f4301."},{"t":"heading","text":"Definitions","tail":"\n"},{"t":"chapeau","text":"In this chapter:"},{"t":"para","id":"/us/usc/t41/s4301/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Compensation.\u2014"},{"t":"content","text":"The term \u201ccompensation\u201d, 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\u2019s cost accounting records for the fiscal year.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t41/s4301/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Covered contract.\u2014"},{"t":"content","text":"The term \u201ccovered contract\u201d 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 products or commercial services.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t41/s4301/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Fiscal year.\u2014"},{"t":"content","text":"The term \u201cfiscal year\u201d means a fiscal year established by a contractor for accounting purposes.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t41/s4301/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Senior executive.\u2014"},{"t":"content","text":"The term \u201csenior executive\u201d, 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.","tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}