Part 13: General Schedule 3: Estimating the value of a contract General Rule
Paragraph 1(1) states that a contracting authority must estimate the value of a contract as the maximum amount it could expect to pay under the contract. Paragraph 1(2) sets out a list of matters to be included when estimating the maximum amount payable, such as VAT, payments in kind, options to renew, fees, interest and so on. Paragraph 1(3) provides that a contracting authority must take into account all of the facts that are material to the estimate and available to the authority at the time it makes the estimate.