New Jersey Statutes 18A:18A-25. Guarantee certificate
Terms Used In New Jersey Statutes 18A:18A-25
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- Board of education: means and includes the board of education of any local school district, consolidated school district, regional school district, county vocational school and any other board of education or other similar body other than the State Board of Education, the Commission on Higher Education or the Presidents' Council, established and operating under the provisions of Title 18A of the New Jersey Statutes and having authority to make purchases and to enter into contracts for the provision or performance of goods or services. See New Jersey Statutes 18A:18A-2
- Contract: A legal written agreement that becomes binding when signed.
- Contract: means any agreement, including but not limited to a purchase order or a formal agreement, which is a legally binding relationship enforceable by law, between a vendor who agrees to provide or perform goods or services and a board of education which agrees to compensate a vendor, as defined by and subject to the terms and conditions of the agreement. See New Jersey Statutes 18A:18A-2
- Work: means any task, program, undertaking, or activity, related to any development, redevelopment, construction or reconstruction performed or provided pursuant to a contract with a board of education. See New Jersey Statutes 18A:18A-2
This certificate shall be obtained for a bond–
a. For the faithful performance of all provisions of the specifications or for all matters which may be contained in the notice to bidders, relating to the performance of the contract; including the guarantees required under article 12 of chapter 44 of Title 2A of the New Jersey Statutes; and
b. If any be required, for a guarantee bond for the faithful performance of the contract provisions relating to the repair and maintenance of any work, project or facility and its appurtenances and keeping the same in good and serviceable condition during the term of the bond as provided for in the notice to bidders or in the specifications; or
c. In such other form as may be provided in the notice to bidders or in the specifications.
If a bidder desires to offer the bond of an individual instead of that of a surety company, the bidder shall submit with the bid a certificate signed by such individual similar to that required of a surety company.
The board of education may reject any such bid if it is not satisfied with the sufficiency of the individual surety offered.
L.1977, c.114; amended 1999, c.440, s.70.