Bill
Bill > A3943
NJ A3943
Requires surety to take certain actions after assuming responsibility for completion of transportation project.
summary
Introduced
03/04/2024
03/04/2024
In Committee
03/04/2024
03/04/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill requires a surety to take certain actions after assuming responsibility for the completion of a transportation project. Specifically, the bill provides that when a surety assumes responsibility for the completion of a transportation project, the surety would be required to: (1) enter into a contract with a contractor for the completion of the transportation project within 60 calendar days; and (2) require the contractor to begin, or otherwise resume, construction of the transportation project within 60 calendar days of the execution of the contract. The bill would also apply to any surety that is responsible for the completion of a transportation project on the date of enactment of the bill, except that: (1) if the surety has not entered into a contract with a contractor for the completion of the transportation project on or before the date of enactment, the surety would be required to enter into such contract within 60 calendar days of the bill's enactment and require the contractor to begin, or otherwise resume, construction of the transportation project within 60 calendar days of the execution of the contract; (2) if the surety has entered into a contract with a contractor for the completion of the transportation project, but the contractor has not begun, or otherwise resumed, construction of the transportation project on the date of enactment, the surety would be required to require the contractor to begin, or otherwise resume, construction of the transportation project within 60 days of the bill's enactment; and (3) the requirements of the bill would not apply if the surety has entered into a contract, and the contractor has begun, or otherwise resumed, construction of the transportation project on or before the bill's enactment. A surety that violates the bill's provisions is subject to a penalty of not less than $10,000 for each day a surety is not in compliance.
AI Summary
This bill requires a surety (a company that guarantees the completion of a construction project) to take certain actions after assuming responsibility for the completion of a transportation project. Specifically, the bill mandates that the surety must: (1) enter into a contract with a contractor for the completion of the transportation project within 60 days, and (2) require the contractor to begin or resume construction within 60 days of the contract's execution. The bill also applies to sureties that are currently responsible for the completion of a transportation project, with some exceptions. Sureties that violate the bill's provisions are subject to a penalty of at least $10,000 per day they are not in compliance.
Committee Categories
Transportation and Infrastructure
Sponsors (2)
Last Action
Reported out of Assembly Committee, 2nd Reading (on 03/04/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A3943 |
| BillText | https://pub.njleg.gov/Bills/2024/A4000/3943_I1.HTM |
| Analysis - Statement ATR 3/4/24 | https://pub.njleg.gov/Bills/2024/A4000/3943_S1.PDF |
Loading...