The EU Commission has announced that with effect from 1 January 2012 the financial thresholds at which the EU Procurement Regulations apply will be raised to £4,348,350 for works contracts and £173,934 for services and supply contracts. Both amounts are exclusive of VAT.
The new thresholds will apply to all new procurement from 1 January 2012.
In very general terms, if a contracting authority wants to award a contract with a value in excess of the relevant threshold it must advertise it in the Official Journal of the European Union and competitively tender it in accordance with the Regulations.
If you have any queries in relation to the field of public procurement please contact:
Paul Buckland, Partner
020 7880 4346
Kris Kelliher, Solicitor
020 7880 4372