N.J. Admin. Code § 19:38-5.1

Current through Register Vol. 56, No. 9, May 6, 2024

Section 19:38-5.1 - Contracts

(a) The Authority will send the successful firm a Notice of Award letter. The Notice of Award letter shall contain a list of the additional documents required to be submitted by the contractor with the executed contract. The Authority will specify the time within which the executed contract and required documents must be returned.

(b) Each payment and each performance bond must be in an amount at least equal to the total contract price.

1. All bonds shall comply with the requirements of this chapter and relevant State statutes. All bonds submitted by the contractor shall be issued only in accordance with 2A:44-143 through 147 to the contractor and shall indicate aggregate bonding limits.

2. Bonds shall be issued only by companies authorized to transact business in the State of New Jersey.

3. Two or more companies may underwrite the payment and performance bonds on a project if the aggregate of their underwriting limitations, as established by United States Treasury Department Circular 570, is not exceeded by the penal sum of the bonds. Each company may limit its liability, upon the face of the bond or power of attorney form, to a definite specified amount within its underwriting limitation. Such obligations must be executed by the principal and sureties jointly and severally.

(c) If the contractor fails to return the executed contract and bonds and other required documents within the time specified by the Authority, the Authority may take whatever action is appropriate and authorized by law and by the contract documents, including, but not limited to, proceeding to recover under the bid bond.

(d) After execution by the Authority, a copy of the signed contract will be sent to the contractor.

N.J. Admin. Code § 19:38-5.1

Amended by R.2014 d.001, effective 1/6/2014.
See: 45 N.J.R. 1592(a), 46 N.J.R. 131(a).
Substituted "Authority" for "Corporation" throughout.