HIGH RISK CONTRACT REVIEW

§ 2.2-4303.01. High-risk contracts

High Risk Contracts are defined as:

A public contract with a state public body for the procurement of goods, services, insurance, or construction that is anticipated to either:

(i) cost in excess of $10 million over the initial term of the contract; or

(ii) cost in excess of $5 million over the initial term of the contract and meet at least one of the following criteria:

(a) the goods, services, insurance, or construction that is the subject of the contract is being procured by two or more state public bodies;

(b) the anticipated term of the initial contract, excluding renewals, is greater than five years; or

(c) 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.

DGS Review is required for High Risk Contracts per § 2.2-4303.01.