Section 1471.220 - Are any procurement contracts included as covered transactions?(a) Covered transactions under this part- (1) Do not include any procurement contracts awarded directly by a Federal agency; but(2) Do include some procurement contracts awarded by non-Federal participants in nonprocurement covered transactions (see appendix to this part).(b) Specifically, a contract for goods or services is a covered transaction if any of the following applies: (1) The contract is awarded by a participant in a nonprocurement transaction that is covered under § 1471.210 , and the amount of the contract is expected to equal or exceed $25,000.(2) The contract requires the consent of a(n) FMCS official. In that case, the contract, regardless of the amount, always is a covered transaction, and it does not matter who awarded it. For example, it could be a subcontract awarded by a contractor at a tier below a nonprocurement transaction, as shown in the appendix to this part.(3) The contract is for federally-required audit services.