What laws govern vendor payments in New Jersey municipalities?

Vendor payments in New Jersey municipalities are governed primarily by the Local Public Contracts Law and the Local Fiscal Affairs Law. The Local Public Contracts Law sets forth procedures and regulations for municipalities regarding the procurement of goods and services, ensuring that awards are made through fair and competitive processes. This law also outlines the need for municipalities to have a structured approach towards contract formation and pricing, which affects how vendor payments are processed.

On the other hand, the Local Fiscal Affairs Law provides regulations about the financial management of municipalities, including how payments are to be made to vendors. It encompasses guidelines for budgeting, accounting, and the handling of public funds, ensuring fiscal responsibility at the local government level. Together, these laws create a framework that supports accountability and transparency in fiscal matters, specifically regarding vendor payments.

In contrast, the other options refer to various laws that do not specifically address the procurement process and payments to vendors within municipalities in the same comprehensive manner as the Local Public Contracts Law and the Local Fiscal Affairs Law do.