Regulation 7

For the purposes of paragraph (b) of the definition of “controlled contract” in section 72(1) of the Act, the prescribed value shall be $500,000 or its equivalent in a foreign currency.

Notwithstanding paragraph (1), if, in the opinion of the Authority any contract forms part of a series of contracts that may reasonably be considered to have been entered into with a view to evading the provisions of the Act in relation to controlled contracts, the value of the contract shall be the total amount of money payable, computed in accordance with regulation 4, in respect of the performance of such of the contracts as the Authority shall determine.