If a contract exceeds $550,000 after amendment, what is required?

When a contract exceeds $550,000 following amendments, specific requirements come into play, particularly in the context of small business policies. A small business subcontracting plan is essential because it ensures that a sufficient portion of the contract is awarded to small businesses, promoting their participation in federal contracts. This requirement underscores the importance of fostering economic growth within small business sectors, which can be a condition for contracts of significant magnitude.

While reviewing internal controls and possibly revising the scope of work can also be relevant in contract management, they do not have the same specific regulatory requirement tied to exceeding the $550,000 threshold. The focus on a small business subcontracting plan directly connects to compliance with federal contracting regulations, making it the cornerstone requirement for such an amended contract. Therefore, it stands out as the necessary action once the financial criteria are met, excluding the other options from being singularly required for compliance in this context.