08:02 AM EDT, 07/22/2024 (MT Newswires) -- Lockheed Martin ( LMT ) and key suppliers have upgraded systems on the F-35 jet on an interim basis, allowing the US to resume taking deliveries after a months-long halt over software delays, Reuters reported Saturday, citing senior officials.

The jets have been upgraded under a program called Technology Refresh 3 that aims to improve displays and processing power, according to the report.

Andrew Hunter, assistant Air Force secretary for acquisition, technology, and logistics, told Reuters that the decision to restart deliveries without the full software upgrade had partly been taken to prevent knock-on delays to other features.

Hunter further said that the US will withhold some final payments until the remaining enhancements are ready but did not specify the amount.

About $7 million of the final payment for each jet, worth roughly $100 million each, has been withheld to date, according to Reuters.

Lockheed Martin ( LMT ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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