diff --git a/README.md b/README.md
index 698fe79..99ee50d 100644
--- a/README.md
+++ b/README.md
@@ -10,9 +10,9 @@ The `id` field will be required in future versions of the extension.
 
 In some cases, a fee is levied for official copies of procurement documents, with unofficial copies being freely available. Bidders might be required to prove that they have paid for official copies as part of their submission. In such cases, the fee should use the 'submission' code in the `type` field, rather than the 'document' code.
 
-## Example
+## Examples
 
-The following JSON snippet models a contracting process where fees are applied to access bidding documents and to submit bids:
+A contracting process where fees are applied to access bidding documents and to submit bids:
 
 ```json
 {
@@ -52,6 +52,32 @@ The following JSON snippet models a contracting process where fees are applied t
 }
 ```
 
+A participation fee of 5% of the award value, payable by the winning bidder:
+
+```json
+{
+  "tender": {
+    "participationFees": [
+      {
+        "id": "1",
+        "type": [
+          "win"
+        ],
+        "relativeValue": {
+          "proportion": 0.05,
+          "monetaryValue": "award"
+        },
+        "description": "Fee payable on acceptance of award.",
+        "methodOfPayment": [
+          "wireTransfer",
+          "cheque"
+        ]
+      }
+    ]
+  }
+}
+```
+
 ## Issues
 
 Report issues for this extension in the [ocds-extensions repository](https://github.com/open-contracting/ocds-extensions/issues), putting the extension's name in the issue's title.
@@ -61,6 +87,7 @@ Report issues for this extension in the [ocds-extensions repository](https://git
 ### Unreleased
 
 * Make `ParticipationFee.id` required so that participation fees are merged by identifier
+* Add `relativeValue` field
 
 ### v1.1.5
 
diff --git a/codelists/monetaryValue.csv b/codelists/monetaryValue.csv
new file mode 100644
index 0000000..03b312a
--- /dev/null
+++ b/codelists/monetaryValue.csv
@@ -0,0 +1,3 @@
+Code,Title,Description
+tender,Tender,"The estimated value of the procurement, as estimated when publishing the tender information."
+award,Award,"The value of the award. Typically, this is the value of the bid being awarded."
diff --git a/extension.json b/extension.json
index 225905e..bee2543 100644
--- a/extension.json
+++ b/extension.json
@@ -13,7 +13,8 @@
   ],
   "codelists": [
     "participationFeeType.csv",
-    "methodOfPayment.csv"
+    "methodOfPayment.csv",
+    "monetaryValue.csv"
   ],
   "schemas": [
     "release-schema.json"
diff --git a/release-schema.json b/release-schema.json
index 93f12e1..77db891 100644
--- a/release-schema.json
+++ b/release-schema.json
@@ -37,6 +37,11 @@
           "description": "The monetary value of this fee.",
           "$ref": "#/definitions/Value"
         },
+        "relativeValue": {
+          "title": "Relative value",
+          "description": "The value of the participation fee, as a proportion of a monetary value.",
+          "$ref": "#/definitions/RelativeValue"
+        },
         "description": {
           "title": "Description",
           "description": "Additional information about this fee, for example: the specific cases in which the fee is applicable (e.g. hard copies of documents only), the way in which the fee is levied, or the exact nature of the fee.",
@@ -73,6 +78,38 @@
           "uniqueItems": true
         }
       }
+    },
+    "RelativeValue": {
+      "title": "Relative value",
+      "description": "The value of the participation fee, as a proportion of a monetary value.",
+      "type": "object",
+      "required": [
+        "proportion",
+        "monetaryValue"
+      ],
+      "properties": {
+        "proportion": {
+          "title": "Proportion",
+          "description": "The proportion of the monetary value, expressed as a decimal between 0 and 1.",
+          "type": [
+            "number"
+          ],
+          "maximum": 1,
+          "minimum": 0,
+          "exclusiveMinimum": true
+        },
+        "monetaryValue": {
+          "title": "Monetary value",
+          "description": "The name of the monetary value.",
+          "type": "string",
+          "enum": [
+            "tender",
+            "award"
+          ],
+          "codelist": "monetaryValue.csv",
+          "openCodelist": false
+        }
+      }
     }
   }
 }