18A:64A-25.16 - Guaranty to accompany bids; amount - New Jersey Statutes

18A:64A-25.16.  Guaranty to accompany bids;  amount
    There may be required from any person bidding on any purchase, contract or agreement, advertised in accordance with law, that the bid be accompanied by a guaranty payable to the county college that, if the purchase, contract or agreement is awarded to him, he will enter into a contract therefor and will furnish any performance bond or other security which may be required pursuant to section 17.  The guaranty shall be in the amount of 10% of the bid but not in excess of $20,000.00, except as otherwise provided herein, and may be given,  at the option of the bidder, by certified check, cashier's check or bid bond.   For a construction contract the guaranty shall be in the amount of 10% of the  bid.  In the event that any law or regulation of the United States imposes any  condition upon the awarding of a monetary grant to any county college, which condition requires a guaranty in an amount other than 10% of the bid or in excess of $20,000.00, the provisions of this section shall not apply and the requirements of the law or regulation of the United States shall govern.

    The college may require a bid guaranty alone without also requiring a performance bond or other security in the contract.

     L.1982, c. 189, s. 16, eff. Jan. 1, 1983.  Amended by L.1984, c. 241, s. 5, eff. Dec. 28, 1984.