Requires certain public contract bid advertisements to contain certified cost estimate ranges, specifies grounds for rejection of all bids, and requires 50% guaranty on bids; designated as the Fairness in Bidding Act.

New Jersey's Fairness in Bidding Act (A2764) requires public entities to include certified cost estimate ranges for construction projects over $500,000 in their bid advertisements, with the range limited to no more than 5% between the highest and lowest estimate. The bill increases the required bid guaranty from 10% to 50% of the bid amount (capped at $100,000) to ensure bidders will enter into contracts if awarded. It also specifies that contracting units can only reject all bids for certain publicly stated reasons, such as when the lowest bid substantially exceeds published cost estimates or appropriations. This legislation applies to state, school, county college, and local government construction contracts.