N.J. Admin. Code § 19:31C-2.10

Current through Register Vol. 56, No. 17, September 3, 2024

Section 19:31C-2.10 - Withdrawal of sealed bid

(a) Prior to the opening of the sealed bid(s), a potential purchaser may, for any reason, request the withdrawal of his or her sealed bid. The request shall be made in writing to FMERA and shall be signed by a person authorized to submit the sealed bid (such as the owner or owner's designated representative, or an attorney or real estate broker with written permission to negotiate and act as attorney in fact for owner). Proof of authorization shall accompany the request.

(b) After the opening of the sealed bid(s), if either the potential purchaser(s) or FMERA discover a material error in a sealed bid, the potential purchaser(s) may request the withdrawal of the sealed bid. If the error is discovered by FMERA, the potential purchaser(s) will be notified in writing, and the potential purchaser will have five business days from receipt of the notice to request withdrawal of the sealed bid. Any request to withdraw from the potential purchaser(s) shall be addressed to FMERA which will return the sealed bid if the potential purchaser(s) can demonstrate that he or she exercised reasonable care in preparing and submitting the sealed bid, and that it would be unconscionable for FMERA to enforce the proposed purchase agreement. The decision to grant or deny any such request shall be at the sole discretion of the Director.