Paveway is a series of laser-guided bombs. Pave or PAVE is sometimes used as an acronym for ‘Precision Avionics Vectoring Equipment’; literally, electronics for controlling the speed and direction of aircraft. Laser guidance is a form of Pave. This is the PVC/rubber version of the Raytheon missile patch that says ‘LETHAL ACCURACY-ANYTIME-ANYWHERE’ and does not come with velcro attached.
