Renegotiation Reform Act of 1979

[AI summary unavailable — showing source text] Renegotiation Reform Act of 1979 - Amends the Renegotiation Act of 1951 to set forth a method for determining excess profits with respect to defense contracts. Requires defense contractors to: (1) file with the Secretary of the Treasury a report containing such information as the Secretary requires to determine whether such a contractor has received excess profits; (2) endeavor to reach agreement with the Secretary regarding the amount of excess profits received or accrued; (3) pay any excessive profits into the Treasury; (4) keep their books and manufacturing facilities open for audit and inspection by the Secretary; and (5) make no subcontract unless the subcontractor agrees with the above requirements.…