N.J. Admin. Code § 16:72-2.2
A bid bond or a deposit consisting of a cashier's check, certified check, or irrevocable letter of credit drawn to the order of NJ TRANSIT in an amount to be determined by NJ TRANSIT, but not exceeding 10 percent of the bid, shall accompany all bids to serve as a guarantee that the bidder will, upon acceptance of its bid, execute such contractual documents as may be required within 10 working days after issuance of a notice of intent to award. Any bonds submitted pursuant to this section must be executed by surety companies licensed to do business in the State of New Jersey and licensed by the New Jersey Department of Banking and Insurance, in compliance with the New Jersey Producer Licensing Act of 2001, P.L. 2001, c. 210, as amended, and authorized by the U.S. Department of the Treasury, pursuant to Circular 570 as of the date of receipt of bids. Any letters of credit shall be issued by Federally insured financial institutions.
N.J. Admin. Code § 16:72-2.2