N.J. Admin. Code § 17:12-2.4

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:12-2.4 - Bid security

(a) The Director may require bid security when appropriate, based upon a review of market conditions and an evaluation of potential risk to the State.

(b) Bid security, in such amount as the Director deems necessary, shall consist of a certified or cashier's check drawn to the order of "Treasurer, State of New Jersey," an individual or annual bid bond issued by an insurance or security company authorized to do business in the State of New Jersey, or an irrevocable letter of credit issued by a Federally insured financial institution and naming "Treasurer, State of New Jersey" as beneficiary, and/or other form of security as required by the Director.

(c) A bidder's failure to submit the required bid security with its proposal shall be cause for rejection of the proposal.

N.J. Admin. Code § 17:12-2.4

Emergency amendment, R.1989 d.481, effective 8/14/1989 (expired October 13, 1989).
See: 21 N.J.R. 2810(a).
In (a), "bid security" replaced bid deposit and bond requirement; in (b), "irrevocable letter of credit" option added.
Adopted concurrent proposal, R.1989 d.554, effective 10/13/1989.
See: 21 N.J.R. 2810(a), 21 N.J.R. 3545(b).
Provisions of emergency amendment R.1989 d.481 readopted without change.
Recodified from N.J.A.C. 17:12-2.2 and amended by R.1999 d.407, effective 11/15/1999.
See: 31 N.J.R. 2301(a), 31 N.J.R. 3742(b).
Rewrote the section. Former N.J.A.C. 17:12-2.4, Information in bidding, recodified to N.J.A.C. 17:12-2.9.
Amended by R.2012 d.074, effective 4/2/2012.
See: 43 N.J.R. 3308(a), 44 N.J.R. 1143(b).
In (b), inserted ", and/or other form of security as required by the Director"; and in (c), substituted "rejection of the proposal" for "automatic rejection".