N.J. Admin. Code § 16:44-10.8
Current through Register Vol. 56, No. 12, June 17, 2024
If the contractor defaults or is otherwise deemed owing the Department, the Commissioner shall promptly notify the bank in writing of such default or obligation. Following written notification, the bank shall not dispose of, release or compromise any bond or the proceeds of called or matured bonds, without written instructions from the Commissioner. If directed by the Commissioner, the bank shall sell any bonds in the escrow account and pay proceeds of such sale and/or the proceeds held in the account from called or matured bonds to the Department or to any payee designated by the Commissioner. A copy of the instructions to sell shall be sent to the contractor by certified mail.
N.J. Admin. Code § 16:44-10.8
See: 19 N.J.R. 181(b), 19 N.J.R. 883(a).
Deleted "together with instructions ... Department of Transportation" and added "Following written notification ..."
Recodified from 16:44-7.9 by R.1994 d.198, effective 4/18/1994.
See: 25 N.J.R. 4727(a), 26 N.J.R. 1690(b).
Amended by R.1999 d.113, effective 4/5/1999.
See: 31 N.J.R. 29(a), 31 N.J.R. 890(a).
Inserted "or the contractor otherwise is deemed owing the Department" following "occur" and added "or obligation" at the end of the first sentence, and deleted "of default" following "notification" in the second sentence.
Amended by R.2004 d.342, effective 9/7/2004.
See: 36 N.J.R. 1659(a), 36 N.J.R. 4155(b).
Substituted "If the contractor defaults" for "In the event a default shall occur".
Recodified from N.J.A.C. 16:44-7.8 and amended by R.2010 d.122, effective 6/21/2010.
See: 41 N.J.R. 3387(a), 42 N.J.R. 1239(a).
Substituted "is otherwise" for "the contractor otherwise is", deleted "under a contract between the Department and the contractor" following the first occurrence of "Department", and deleted "of Transportation" following the first occurrence of "Commissioner".