New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 44 - STATE COMPTROLLER
Subchapter 3 - PROCUREMENT DIVISION
Section 17:44-3.2 - Process by which contracting units shall determine the value of contracts; notice required when the value of contract changes
Universal Citation: NJ Admin Code 17:44-3.2
Current through Register Vol. 56, No. 6, March 18, 2024
(a) When the exact value of a contract is uncertain, contracting units shall act in good faith to ascertain an estimated value using the following guidelines:
1. The individual(s) responsible for the procurement shall use professional judgment based on, but not limited to, prior procurements made by the contracting unit for similar goods or services.
2. The contract value is calculated as a whole, that is, the number of years times the yearly amount. Although potential contract extensions are not included in calculating the contract value at the time of estimating total contract value or at the time of the award, if an extension itself exceeds $ 2 million, then notice is required at the time of extension.
3. Notice is required for change orders if the value of the particular change order exceeds $ 2 million.
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