If successful, Marand would lead the F-35 vertical tail effort and assemble the vertical tails as a second source for BAE Systems in the UK.
Quickstep will be responsible for composite manufacturing for both vertical tail skins and doors and panels, supporting Northrop Grumman.
Bob Price, F-35 Program Manager, Australia and Canada for Lockheed Martin Aeronautics, signed the MOUs together with Marand Precision and Quickstep leadership.
The MOUs are another step in Lockheed Martin's Industrial Participation Plan to place further work on the JSF program with Australian companies.
Twenty-five companies have already won more than $200 million worth of business in the early stages of the program.
The Industrial Participation program for the JSF had already generated a useful level of work for the Australian companies, Paul Johnson, CEO of Lockheed Martin Australia said.
The company continues to work closely with the Federal and State Governments to identify further opportunities for the Australian defence industry.
Rohan Stocker, General Manager and Director of Marand Precision Engineering said his company secured its first contract on the JSF program six years ago, during which time it had worked closely with Lockheed Martin and BAE Systems on a number of production tooling contracts.
"It is pleasing to see that an innovative, emerging company may win substantial business from large multinationals," Philippe Odouard, Managing Director of Quickstep said.
"The contract could be one of the largest awarded to the Australian industry by the manufacturers of the JSF."
Odouard added that the contract would create about 156 high-end jobs, including technicians, engineers, machine operators and quality assurance experts and could be expected to create a further 620 support industry jobs.
"As well as generating hundreds of millions of dollars in export revenue, it will create world-class training opportunities in the highly advanced industry of aerospace composites," he said.
Adelaide-based defence and aerospace component manufacturer Levett Engineering has secured a multi-year, multi-million-dollar contract with Lockheed Martin to supply machined components for the JSF.
Levett's contract will see them supplying complex titanium and aluminium airframe components for the nine-nation jointly developed and built JSF starting in 2010 and running through until 2016.
"This contract now creates a stable foundation on which to grow our existing international aerospace business whilst underpinning our local defence and commercial business with investment in new plant and equipment to keep us at the forefront of technology, and most importantly, competitive in our local and overseas markets," Levett CEO, Paul Levett, said.
The Industry Plan for Australia will deliver 30-plus years of high-technology contracts and continued participation in support of the F-35 over its planned life in the Australian Defence Force.
No doubt Australian basing and support arrangements will be announced in due course.