N.J. Admin. Code § 6A:27-9.5

Current through Register Vol. 56, No. 21, November 4, 2024

Section 6A:27-9.5 - Bidder's guarantee

(a) The district board of education may require the guarantee to be submitted in the form of a certified check, cashier's check, or bid bond. No other form of guarantee is authorized.

1. The bidder guarantee shall include the number assigned to the bid for which guarantee is submitted.

(b) The amount of the bidder's guarantee shall be a minimum of five percent of the bid, not to exceed $ 50,000.

(c) Except for the three lowest bidders, the guarantee shall be returned to the bidders within 10 business days after the opening of the bids.

N.J. Admin. Code § 6A:27-9.5

Amended by R.2010 d.085, effective 6/7/2010.
See: 41 N.J.R. 4004(a), 42 N.J.R. 1029(a).
Added (a)1.
Amended by R.2013 d.121, effective 10/7/2013.
See: 45 N.J.R. 606(a), 45 N.J.R. 2245(a).
In the introductory paragraph of (a), deleted ", at its discretion," following "may", and inserted a comma following "cashier's check"; in (a)1, deleted "bid" following "the", and substituted "guarantee" for "it"; and in (c), substituted "10" for "ten".

Amended by 53 N.J.R. 163(a), effective 2/1/2021