52:27BBB-61 - Contract to contain provision for termination - New Jersey Statutes

52:27BBB-61  Contract to contain provision for termination.

63. a. All contracts and agreements entered into by the qualified municipality during the rehabilitation term pursuant to P.L.2002, c.43 (C.52:27BBB-1 et al.) shall contain provisions stating that the director or chief operating officer may, upon 30 days' notice, terminate the contract or agreement for any reason without payment of penalty or damages.  This subsection shall not apply to collective bargaining agreements.

b.All contracts and agreements entered into by the qualified municipality during the rehabilitation term pursuant to P.L.2002, c.43 (C.52:27BBB-1 et al.) may be terminated by the mayor, upon 30 days' notice, for any reason, without payment of penalty or damages, during the economic recovery term.  This subsection shall not apply to collective bargaining agreements.

L.2002, c.43, s.63; amended 2009, c.337, s.11.