Provides for State agencies to issue advanced payments to certified business enterprises awarded State contracts.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill allows New Jersey state agencies to provide advanced payments, up to 10% of a contract value, to certified business enterprises that have been awarded state contracts for construction, goods, or services. To encourage participation, contractors must share a portion of these advanced payments with subcontractors who are also certified business enterprises. If a contractor or subcontractor fails to fulfill the contract terms, they will be required to repay the advanced payment.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
M. Ruiz
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