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The Financial Management Authority Frontpage
The Financial Management Authority Frontpage

Financial Management Authority

Procurement Below the Thresholds

When the estimated value of a procurement is below the applicable thresholds, simpler rules apply than for procurements above the thresholds. Contracting authorities must nevertheless ensure value for money, competition, equal treatment, and transparency throughout the procurement process.

As a general rule, quotations or pricing information should be obtained from as many suppliers as market conditions reasonably allow. The objective is to ensure the efficient use of public funds and to provide suppliers with a fair opportunity to compete for public contracts.

When preparing a procurement, contracting authorities must also ensure that technical specifications are objective, clear, and compliant with the provisions of the Public Procurement Act. Technical specifications must not restrict competition beyond what is necessary.

Further information can be found in Article 24 of the Public Procurement Act, which governs procurements below the thresholds, and Article 49 of the Act, which governs technical specifications.

The Financial Management Authority

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Fridays 9-13

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Katrínartún 6
105 Reykjavík

Kt. 540269-7509

Contact us

Email: fjarsyslan@fjarsyslan.is

Tel: 545 7500