Declining Balance PO for Priority TM contract ext

Virginia Commonwealth University (VCU) awarded a contract to Priority Elevator on August 12, 2026, under contract designation A236_P0311779-V2. The prime contractor will provide elevator maintenance and service support under a declining balance purchase order mechanism structured for the Priority Elevator contract extension. The contract is valued at $779,909.76 on a cumulative basis, with performance to be delivered to VCU's Procurement department in Virginia.

The contract structure utilizes a declining balance purchase order format, indicating an indefinite-delivery arrangement whereby funds are drawn down as services are rendered throughout the contract period. While specific performance dates and detailed scope limitations are not detailed in the award documentation, the declining balance mechanism suggests this contract provides ongoing elevator maintenance, repair, and related services across VCU's facilities. The single line item reflects a total unit price of $779,909.76 for the comprehensive scope of elevator services to be delivered under this extension agreement.