N.J. Admin. Code § 19:35-4.14

Current through Register Vol. 57, No. 1, January 6, 2025

Section 19:35-4.14 - Sealed bid process for surplus personal property: failure to pay balance of bid price

(a) Failure by the successful bidder to pay the balance of the bid price within the time set forth in the Notice of Award shall result in a forfeiture of the bid deposit to the SDA. Surplus personal property paid for, but not picked up or taken possession of in the manner and within the time specified in the Notice of Award, shall be considered abandoned, in which event:

1. The SDA shall retain all payments made;

2. The ownership of the property shall remain with the SDA; and

3. The SDA may then accept the bid of the next highest qualified bidder or again offer the surplus personal property for disposition.

N.J. Admin. Code § 19:35-4.14

Adopted by 54 N.J.R. 647(a), effective 4/4/2022