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NJ S3640
Bill
Status
9/19/2024
Primary Sponsor
Teresa Ruiz
Click for details
AI Summary
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State agencies may issue advanced payments of up to 10% of total contract value to contractors certified by the Division of Revenue Business Certification Program for construction, goods and services, or professional services contracts
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Contractors must include a request for advanced payment in their bid if needed to fulfill contract terms
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Contractors receiving advanced payments must forward a proportionate share to certified subcontractors within 60 days of receiving payment
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Contractors or subcontractors who fail to begin or complete the contracted work must repay the advanced amounts
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The bill takes effect 90 days after enactment and applies to certified small businesses, LGBTQ+, minority and women-owned, veteran and disabled veteran-owned, and socially/economically disadvantaged businesses
Legislative Description
Provides for State agencies to issue advanced payments to certified business enterprises awarded State contracts.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
9/19/2024