Such contracts may be renewable for three additional terms at the option of the public body. Any unused amounts from one contract term shall not be carried forward to any additional term, except as otherwise provided by the Restructured Higher Education Financial and Administrative Operations Act (§ 23.1-1000 et seq.). The fair and reasonable prices as negotiated shall be used in determining the cost of each project performed.
The sum of all projects performed in a contract term shall not exceed $10 million, and the fee for any single project shall not exceed $2.5 million.
Va. Code § 2.2-4303.1