New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 34 - LOCAL PUBLIC AND PUBLIC SCHOOL CONTRACTS LAWS
Subchapter 3 - CERTAIN LEASES OF EQUIPMENT AND SERVICE AGREEMENTS BEYOND THE FISCAL YEAR
Section 5:34-3.1 - Duration of contract

Universal Citation: NJ Admin Code 5:34-3.1

Current through Register Vol. 56, No. 18, September 16, 2024

(a) Leases (which term includes rental agreements) and service agreements for items authorized by 40A:11-15(7) and 40A:11-15(15) or 18A:18A-42(f) shall not be renewed or extended beyond the number of years set forth in each such statutory provision. The specifications for rebidding after the maximum number of years should not require that the equipment be in the possession or service of the contracting unit.

(b) Such leases and service agreements may be written for any period of time not to exceed the maximum statutory period, or for shorter periods with provision for renewal at the option of the contracting unit, provided that such renewal shall not cause the cumulative length to exceed the permitted length of time. Such renewals may be authorized only by resolution of the governing body.

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