Not less than (NLT)

Not less than (NLT),

Definition of Not less than (NLT):

  1. In contract negotiations, the commitment by the vendor that the value of an interim estimate (plus contingency allowances) will not be less than the amount of the firm proposal and estimates to be submitted at a later date. A NLT value, however, may be adjusted upward or downward depending on the changes in the scope of work or in the associated specifications.

Meaning of Not less than (NLT) & Not less than (NLT) Definition