{"data":{"id":"us-nj/n.j.-stat.-18a-64-67","jurisdiction":"us-nj","citation":"N.J. Stat. § 18A:64-67","heading":"Guaranty.","body":"16.  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 State college that, if the purchase, contract or agreement is awarded to him, he will enter into a contract therefor.  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 State 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.\nThe college may require a bid guaranty alone without also requiring a performance bond or other security in the contract.\nL.1986,c.43,s.16; amended 2005, c.369, s.9.","path":["TITLE 18A EDUCATION"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"2b6c67c40a42369a014654221b6a93be5c8fabbf115a7b97038cf55add31e884","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-18a-64-66","next":"us-nj/n.j.-stat.-18a-64-68"},"notice":"GroundRules: Original legal text. Not legal advice."}