How many quotes must be solicited for purchases exceeding 15% of the bid threshold?

In New Jersey, for purchases that exceed 15% of the bid threshold, it is required that at least two quotes be solicited from vendors. This requirement is part of the regulations that govern the procurement process, ensuring that government entities promote competition and transparency in their purchasing activities. By obtaining two quotes, municipal clerks and officials can better compare prices and services, which helps in making more informed and cost-effective decisions. This practice also aligns with the state’s efforts to promote good governance and responsible fiscal management. Therefore, the requirement for two quotes is a safeguard to ensure that public funds are used efficiently and effectively.