2023 New Jersey Statutes 34:1B-52. Waiver of bonding requirements
(1) The minority or women’s business has been rejected by two surety companies authorized to do business in this State; and
(2) The minority or women’s business meets the underwriting standards established pursuant to subsection p. of section 4 of this act.
The authority may require a cash deposit, increase the amount of retention, or limit or eliminate periodic payments. No waiver may be extended more than three times to any one contractor.
b. The authority may provide assistance to eligible businesses which are unable to secure bonding for projects other than those financed by the authority. Upon presentation of evidence in writing that an eligible business has been rejected by two surety companies authorized to do business in this State, and if the applicant meets the underwriting standards established pursuant to subsection p. of section 4 of this act, the authority may guarantee the performance of the applicant through a letter of credit or by other means.
L. 1985, c. 386, s. 6, eff. Dec. 18, 1985.