Which statute addresses the requirements for competitive contracting in New Jersey?

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The statute that addresses the requirements for competitive contracting in New Jersey is specified in N.J.S.A. 40A:11-4.1. This section outlines the procedures and guidelines for municipalities when they seek to engage in competitive contracting, which involves a formalized process to ensure fair competition among vendors and protect the interests of the municipality. Competitive contracting allows for a more flexible approach compared to traditional bidding, including the ability to evaluate proposals based on criteria beyond just price.

This statute sets forth the conditions under which competitive contracting can be used, the necessary documentation and notices required, and the criteria for evaluating proposals. It establishes a framework to ensure transparency and accountability in the procurement process, making it a vital component of municipal finance management in New Jersey.

The other statutes mentioned relate to different aspects of municipal finance and procurement. N.J.S.A. 40A:12-1 pertains to the subject of public property, N.J.S.A. 40A:10-2 addresses tax exemptions related to certain types of municipal projects, and N.J.S.A. 40A:5-17 deals with the regulation of certain financial practices in municipalities. While all these statutes are important within the realm of municipal law, they do not specifically address the competitive

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