New Jersey Statutes 52:32-22.1. Minority, women’s business set-asides; compliance, calculation
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 52:32-22.1
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
1. a. Whenever any obligation is imposed by law upon a contracting agency to set aside a percentage of State contracts awarded by that agency for minority businesses or women’s businesses, compliance with that requirement shall be calculated based, according to objective and verifiable standards as promulgated pursuant to administrative regulation, upon the dollar value of payments actually made each year to, and received by, minority businesses and women’s businesses pursuant to State contracts awarded by that agency, or subcontracts thereto, compared to the total of all payments made to, and received by, all parties awarded State contracts by that agency.
Compliance with any such set-aside requirement shall not be calculated using statements made by bidders with respect to the portion of a contract which the bidder intends to subcontract to minority businesses or women’s businesses.
b. As used in this section:
“contracting agency” means the State or any board, commission, committee, authority or agency of the State; and
“State contract” means any purchase, contract or agreement the cost or contract price of which is to be paid, in whole or in part, with or out of State funds.
L.1995,c.39.