{"data":{"id":"us-nj/n.j.-stat.-18a-64a-25.16","jurisdiction":"us-nj","citation":"N.J. Stat. § 18A:64A-25.16","heading":"Guaranty to accompany bids;  amount","body":"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.\nThe college may require a bid guaranty alone without also requiring a performance bond or other security in the contract.\nL.1982, c. 189, s. 16, eff. Jan. 1, 1983.  Amended by L.1984, c. 241, s. 5, eff. Dec. 28, 1984.","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":"dd3eb4c628740cde9711482a9d2a6e288aaa6e8b0ad2a45489a2c41228ff4917","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-18a-64a-25.15","next":"us-nj/n.j.-stat.-18a-64a-25.17"},"notice":"GroundRules: Original legal text. Not legal advice."}