N.J. Admin. Code § 3:42-7.4

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:42-7.4 - Additional requirements governing open bidding

(a) All bidders shall sign a register before the auction begins. After signing the register, no bidder shall be permitted to leave and re-enter the room except at intervals pre-determined by the Executive Director.

(b) Each time a bid is made, the bidder shall state his or her name and the amount of the bid clearly.

(c) All bids during the auction shall be in increments of $ 100.00.

(d) A deposit equal to 10 percent of the highest bid shall be required at the completion of the auction.

1. The deposit shall be in the form of a certified check, cashier check, money order, or travelers check made payable to the State of New Jersey. No exceptions shall be made.

2. If the highest bidder does not have the required deposit, the Executive Director may cancel all bids for that Pinelands Development Credit or fraction thereof, or may award the bid to the second highest bidder.

(e) Successful bidders will be required to sign an agreement of sale following the auction, which specifies the conditions and terms of the sale.

N.J. Admin. Code § 3:42-7.4