Schedule 3, paragraph 1

A contracting authority must estimate the value of a contract as the maximum amount it could expect to pay under the contract including, where applicable, amounts already paid. The amount a contracting authority could expect to pay includes the following— the value of any goods, services or works provided by the contracting authority under the contract other than for payment; amounts that would be payable if an option in the contract to supply additional goods, services or works were exercised; amounts that would be payable if an option in the contract to extend or renew the term of the contract were exercised; amounts representing premiums, fees, commissions or interest that could be payable under the contract; amounts representing prizes or payments that could be payable to participants in the procurement. In estimating the value of a contract, a contracting authority must take into account all of the facts which are material to the estimate and available to the authority at the time it makes the estimate. This paragraph is subject to the rest of this Schedule.

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Source: legislation.gov.uk · retrieved 2026-09-04