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New Jersey Includes Bonding Requirements in Proposed P3 Regulations

Tuesday, June 25, 2019  

New Jersey Includes Bonding Requirements in Proposed P3 Regulations

SFAA and APCIA’s bonding provisions were recently included in the proposed regulations from the New Jersey Office of the Treasury to implement a new public-private partnership (P3) law. The P3 law grants broad authority to the State, local governments, and school districts to enter into public-private partnership (P3) agreements for public works projects and revised the existing P3 law for state and county colleges. The proposed rules mirror the bonding provisions in the statute that SFAA and APCIA obtained, which require the general contractor, construction manager, or design-build team to post a performance bond and a payment bond that complies with the State's Little Miller Act for these projects. These provisions were included as a result of SFAA and APCIA’s work in past legislative sessions to address the issues of whether the construction in a P3 needs to be bonded and that the construction contractor is the party that is required to post the bond.

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