N.J. Admin. Code § 16:44-12.2

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

Section 16:44-12.2 - Requirements

(a) Whenever a contractor wishes to undertake a reorganization, as described in the definition of "corporate or LLC reorganization" at 16:44-2.1, the contractor must demonstrate the following:

1. Advise the Commissioner in writing of the proposed reorganization (including a change of name) and provide a copy of the minutes or resolution or other official act properly authorizing the change. Such notice shall be made prior to the actual change when the contractor has an existing or ongoing contract in effect with the Department, and no change shall be accomplished without the express written approval of the Commissioner;

2. Proper registration of the new status, including any change in name, with the New Jersey Secretary of State or other appropriate New Jersey State office in a manner consistent with the applicable laws;

3. Proof of a binding certification from the surety company who issued the payment and performance bonds, if the contractor has an ongoing contract with the Department, stating that the surety concurs in the reorganization and will honor its obligations under the bonds after the reorganization takes place;

4. Proof in writing that the reorganization shall not affect in any manner:

i. Its obligations under any existing contracts; or

ii. Its project rating and financial capability; and

5. If the reorganization takes the form of a transfer of assets in a new or different corporation or limited liability company (LLC), the new corporation or LLC shall be required to do the following:

i. Present a new Vendor Identification Number (Federal Identification Number);

ii. Satisfy the classification requirements as specified under 16:44-3.2, including the filing of a new Questionnaire; and

iii. In the case of a foreign corporation, provide the name and address of its agent in New Jersey authorized to accept service pursuant to 14A:13-1 et seq.

(b) After all requirements have been met, the Commissioner will ascertain whether the proposed reorganization affects the contractor's classification. If so, the Commissioner may reclassify the contractor in accordance with the effects of the reorganization.

N.J. Admin. Code § 16:44-12.2

R.1981 d.399, effective 11/2/1981.
See: 13 N.J.R. 524(a), 13 N.J.R. 779(c).
Recodified from 16:44-9.3 by R.1994 d.198, effective 4/18/1994.
See: 25 N.J.R. 4727(a), 26 N.J.R. 1690(b).
Former text at 16:44-9.2, Definitions, repealed.
Amended by R.2004 d.342, effective 9/7/2004.
See: 36 N.J.R. 1659(a), 36 N.J.R. 4155(b).
Rewrote the section.
Recodified from N.J.A.C. 16:44-9.2 and amended by R.2010 d.122, effective 6/21/2010.
See: 41 N.J.R. 3387(a), 42 N.J.R. 1239(a).
Rewrote the section.