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On Thursday, the Department of Defense awarded environmental services company Tetra Tech (NASDAQ: TTEK ) a $100 million indefinite-delivery-indefinite-quantity, cost-plus-award-fee contract to perform environmental remediation services at "various locations within the Naval Facilities Engineering Command (NAVFAC) Atlantic area of responsibility (AOR)."
The contract in question, referred to as an "IDIQ" contract, is essentially an umbrella authorization for the company to perform (and be paid for) work on an as-needed basis. Specific funds will be awarded to Tetra Tech in response to specific "task orders" instructing it to perform work for the Navy.
This IDIQ contract may have a duration of as much as 60 months, and is expected to conclude in March 2018.