18A:3B-6.5 Cooperative pricing system, governing board authority; definitions.
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/nj/title-18a/chapter-3b/18a-3b-6-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
11. a.
(1)The governing board of a public institution of higher education may by resolution establish a cooperative pricing system with the governing boards of other public institutions of higher education.
(2)A lead agency shall procure goods and services through a cooperative pricing system using a master contract. A master contract shall be secured in accordance with all applicable State contracting and procurement laws.
(3)A participating contracting unit may use the master contract during the contract period to procure goods or services of the same specification, quality, and price as that contained in the master contract with the lead agency.
b. No vendor shall be required to extend bid prices to participating contracting units in a cooperative pricing system unless so specified in the bids.
c. As used in this section:
"Cooperative pricing system" means a purchasing system in which one public institution of higher education acts as the lead agency in establishing a master contract with a vendor for the provision of goods or services and through which other public institutions of higher education may subsequently procure goods or services using the master contract.
"Lead agency" means a public institution of higher education that enters into a master contract under a cooperative pricing system pursuant to the provisions of this section.
"Participating contracting unit" means a public institution of higher education, other than the lead agency, that procures goods or services from a vendor using a master contract.
L.2021, c.417, s.11.