A battle of attrition. The Battle of the Somme, fought in northern France, was one of the bloodiest of World War One. For five months the British and French armies fought the Germans in a brutal battle of attrition on a 15-mile front. The aims of the battle were to relieve the French Army fighting at Verdun and to weaken the German Army.
Definition [Suggest Change] The Estimate at Completion (EAC) is The current estimated total cost for program authorized work. It equals Actual Cost of Work Performed (ACWP) plus the estimated costs to complete (Estimate To Complete (ETC)) the authorized work remaining. EAC does not include profit or fee.
over-the-counter market (OTC) A widespread aggregation of dealers who make markets in many different securities. Unlike an exchange on which trading takes place at one physical location, OTC trading occurs through telephone or computer negotiations between buyers and sellers. Although stocks traded over the counter are often more speculative than listed stocks, virtually all government and municipal bonds and most corporate bonds are traded in the OTC market.