OBS_VALUE: The authority may award contracts for individual lots without applying the procedures provided for under these Regulations, when  the estimated value, net of VAT, of the lot concerned is less than EUR80,000 in the case of supplies or services and EUR1,000,000 in the case of works. In general, Where the value of a contract falls below the EU thresholds, the procurement process will not be subject to the Procurement regulations. However, such contracts may still need to be procured in accordance with the fundamental principles of procurement law.