New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 12 - DIVISION OF PURCHASE AND PROPERTY: PROCUREMENT BUREAU; CONTRACT COMPLIANCE AND AUDIT UNIT; AND DISTRIBUTION SUPPORT SERVICES UNIT
Subchapter 2 - ADVERTISED PROCUREMENT PROCEDURES
Section 17:12-2.4 - Bid security

Universal Citation: NJ Admin Code 17:12-2.4

Current through Register Vol. 56, No. 6, March 18, 2024

(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.

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