A contract that was originally awarded outside the scope of the UK Procurement Act 2023 because its estimated value was below the applicable procurement threshold, but subsequently becomes a regulated contract following a modification that increases its value above that threshold. Once a contract becomes a Convertible Contract, certain transparency and regulatory obligations under the Act apply from the point at which it becomes regulated. The concept helps ensure that significant contract modifications remain subject to appropriate procurement oversight and transparency requirements.
Convertible Contract
A below-threshold contract that becomes regulated under the Procurement Act 2023 once a modification lifts its value above the threshold.
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Related Glossary Terms
The official compilation of permanent U.S. federal laws, providing the statutory basis for many contracting requirements.
A global classification system used to categorize products and services for procurement and spend analysis.
A unique 12-character identifier assigned via SAM.gov to organizations doing business with the federal government, replacing the DUNS number.
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