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New Jersey Statutes, Title: 18A, EDUCATION
Chapter 64: Decentralization of authority
Section: 18A:64-67: Guaranty.
16. There may be required from any person bidding on any purchase, contract or agreement, advertised in accordance with law, that the bid be accompanied by a guaranty payable to the State college that, if the purchase, contract or agreement is awarded to him, he will enter into a contract therefor. The guaranty shall be in the amount of 10\% of the bid but not in excess of $20,000.00, except as otherwise provided herein, and may be given, at the option of the bidder, by certified check, cashier's check or bid bond. For a construction contract the guaranty shall be in the amount of 10\% of the bid. In the event that any law or regulation of the United States imposes any condition upon the awarding of a monetary grant to any State college, which condition requires a guaranty in an amount other than 10\% of the bid or in excess of $20,000.00, the provisions of this section shall not apply and the requirements of the law or regulation of the United States shall govern.
The college may require a bid guaranty alone without also requiring a performance bond or other security in the contract.
L.1986,c.43,s.16; amended 2005, c.369, s.9.
This section added to the Rutgers Database: 2012-09-26 13:37:47.
Older versions of 18a:64-67 (if available):
Court decisions that cite this statute:
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