Greenwald on Bill Requiring Prompt Payment of Public Contractors Becoming Law

(TRENTON) – Assemblyman Lou Greenwald issued the following statement on the signing of his bill, “The New Jersey Prompt Policy Act” on Thursday by the Governor:

“Companies who enter into a contract with the state have day-to-day obligations to meet for their business and their employees. Many contracting companies have to make payroll, pay rent or a mortgage, or purchase or pay for equipment. Promptly settling the bill for work rendered helps sustain these businesses, who in turn, through their companies help sustain our state and local economy.

“Extending this policy to include independent state authorities, local government contracting units, and boards of education ensures that governments on all levels are settling their commitments with public contractors in a timely, business-friendly manner.”