What percentage of the bid threshold must be solicited for at least 2 quotes for purchases, contracts, or agreements?

For public procurement in New Jersey, the law stipulates that when the amount of a purchase, contract, or agreement exceeds a certain threshold, which is set annually, it is necessary to obtain a minimum number of quotes to ensure competitiveness and transparency in the bidding process.

In this context, a minimum of two quotes must be solicited for purchases that exceed 15% of the bid threshold. The bid threshold is a specified dollar amount that changes yearly based on legislation, but the requirement to seek two quotes at the 15% level is a standard practice. This approach helps municipalities secure the best pricing while adhering to public bidding laws, thus promoting fairness and accountability.

It is important to be aware that soliciting fewer or more quotes than required could potentially lead to issues regarding compliance with procurement laws, resulting in challenges or delays in the acquisition of goods and services.