N.J. Admin. Code § 17:9-10.7

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:9-10.7 - Performance security

(a) Based upon the Director's review of market conditions and evaluation of potential risk to the Commission and the State, the RFP may require that performance security be posted by the selected bidder prior to contract execution.

(b) Performance security, in the amount set forth in the RFP, shall consist of a certified or cashier's check drawn to the order of "New Jersey State Health Benefits Commission," a performance bond issued by an insurance or security company authorized to do business in the State of New Jersey, or an irrevocable letter of credit issued by a Federally insured financial institution and naming the "New Jersey State Health Benefits Commission" as beneficiary.