Declining Balance PO for Priority TM Contract ext

Virginia Commonwealth University awarded a contract to Priority Elevator on June 16, 2026, for elevator services and maintenance under a declining balance purchase order arrangement. The contract is valued at $278,336.12 and is structured as a blanket purchase order mechanism that allows VCU to draw down funds as services are rendered throughout the contract period. The service will be delivered to VCU Procurement, with the place of performance being Virginia Commonwealth University's facilities.

The declining balance purchase order structure indicates an ongoing maintenance and service relationship for Priority Elevator's contracted services at VCU. This contracting approach allows the university to utilize the established contract ceiling amount incrementally based on actual service requirements rather than committing to fixed deliveries upfront. The single line item represents the total authorized expenditure available under the contract vehicle for elevator-related services to support VCU's operational needs.