Lockheed Martin Commercial Launch Services introduces 'Refund Or Reflight' program

12 March 2014

Lockheed Martin (NYSE: LMT) subsidiary Lockheed Martin Commercial Launch Services, Inc., said it has introduced the industry´s first and only 100 percent space launch vehicle “refund or reflight” program, to protect customers in the event of a total launch vehicle malfunction.

The program also provides partial refunds for partial malfunctions, and applies to all future LMCLS non-US government contracts.

“Our customers expect superior service and can´t afford anything less than 100 percent mission success,” said Robert R. Cleave, president and chairman of the board of LMCLS. “Our Atlas launch vehicle has an unparalleled track record of reliability and performance. With the addition of this program, we´re offering customers complete peace of mind.”

Acquiring space launch insurance can be costly and time consuming for customers. The refund or reflight program will be a standard component in all future LMCLS launch service contracts, meaning customers will not need to negotiate and acquire space insurance for the Atlas launch vehicle on their own. The program is subject to certain terms, conditions and exclusions.

Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs approximately 115,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

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