New Jersey A1803 provides relief to state contractors facing unexpected construction material price increases.

New Jersey A1803 aims to provide equitable relief to state contractors who have sustained unanticipated expenses due to price escalation for construction materials. The bill allows for the terms and conditions of certain state contracts to be amended to adjust for rising construction material costs. Contractors must provide evidence of increased costs to the State Contract Manager. The director of the appropriate division in the Department of the Treasury will determine the adjustment based on available evidence, including economic indices.

New Jersey A1803 provides relief to state contractors facing unexpected construction material price increases.

New Jersey A1803 aims to provide equitable relief to state contractors who have sustained unanticipated expenses due to price escalation for construction materials. The bill allows for the terms and conditions of certain state contracts to be amended to adjust for rising construction material costs. Contractors must provide evidence of increased costs to the State Contract Manager. The director of the appropriate division in the Department of the Treasury will determine the adjustment based on available evidence, including economic indices.