What does veat mean?

PCR 2015 thresholds refer to the financial values set out under the Public Contracts Regulations 2015 (and related regime) which determine when the full regulatory procedures apply to public contracts. These thresholds change periodically (for example new thresholds have been instituted from 1 January 2024).

PCR regulations means the Public Contracts Regulations 2015 (SI 2015/102) which set out how public contracts should be advertised, how tenders should be assessed and awarded and the legal obligations on contracting authorities in the UK.

PIN notice stands for Prior Information Notice. It is a public announcement made by a contracting authority to signal its intention to run a procurement in the future. The notice helps suppliers prepare early and can shorten the timescales of the later tender process.

A Prior information notice (PIN) is a notice published by a contracting authority signalling its future intention to procure goods, services or works, thereby alerting potential suppliers and the market ahead of the formal tender process.

The Public Contracts Regulations Act of 2015 (SI 2015/102) set out the rules that UK public sector bodies must follow when awarding contracts for goods, services or works above certain financial thresholds.

A VEAT (Voluntary Ex-Ante Transparency notice) is published by a UK contracting authority when it intends to award a contract without a full open tender process and wishes to allow the market a chance to challenge the decision.

VEAT notices are instances when contracting authorities publish one or more Voluntary Ex-Ante Transparency notices signalling their intention to directly award contracts without full competition, in order to manage risk of legal challenge in UK procurement.