What is a high-risk solicitation or contract?
Code of Virginia § 2.2-4303.01 defines a high-risk contract as any public contract with a state public body for the procurement of goods, services, insurance or construction that is anticipated to either
- Cost in excess of $10 million over the initial term of the contract or
- Cost in excess of $5 million over the initial term of the contract and meets at least one of the following criteria:
- the goods, services, insurance, or construction that is the subject of the contract is being procured by two or more state public bodies;
- the anticipated term of the initial contract, excluding renewals, is greater than five years; or
- the state public body procuring the goods, services, insurance, or construction has not procured similar goods, services, insurance, or construction within the last five years.