N.J. Admin. Code § 5:43-5.3

Current through Register Vol. 56, No. 11, June 3, 2024

Section 5:43-5.3 - Surety bonds

(a) For projects in excess of a $50,000 hard project cost, a receiver shall be required to post a 100 percent Payment & Performance Bond for a term from the date of the closing of the Department construction loan through two years from the date of issuance of the Certificate of Occupancy or an Architect's Certification of Substantial Completion, whichever is later. The bond will be in an amount sufficient to guarantee compliance with the terms and conditions of the receivership.

(b) Payment and performance bonds shall be in a form acceptable to the Department.

(c) A requirement set forth in this section may be waived or adjusted upon a finding that such requirement would prevent an entity that is otherwise fully qualified to act as a receiver from being appointed receiver, so long as that entity can demonstrate a sufficient level of financial responsibility.

N.J. Admin. Code § 5:43-5.3

Administrative correction. See:
37 New Jersey Register 3812(a).