N.J. Admin. Code § 5:43-5.3 - Surety bonds
(a) For projects in
excess of a $50,000 hard project cost, a receiver shall be required to post a
100 percent Payment & Performance Bond for a term from the date of the
closing of the Department construction loan through two years from the date of
issuance of the Certificate of Occupancy or an Architect's Certification of
Substantial Completion, whichever is later. The bond will be in an amount
sufficient to guarantee compliance with the terms and conditions of the
receivership.
(b) Payment and
performance bonds shall be in a form acceptable to the Department.
(c) A requirement set forth in this section
may be waived or adjusted upon a finding that such requirement would prevent an
entity that is otherwise fully qualified to act as a receiver from being
appointed receiver, so long as that entity can demonstrate a sufficient level
of financial responsibility.
Notes
37 New Jersey Register 3812(a).
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