Provides equitable relief to State contractors who have sustained unanticipated expenses due to price escalation for construction materials.

This bill provides financial adjustments for New Jersey state contractors who faced unexpected material cost increases exceeding 5% after awarding construction contracts. It directly affects contractors with pre-April 2020 bids for projects where materials were purchased after March 2020. The key mechanism allows contract price adjustments based on U.S. Department of Labor economic indices, requiring written applications with evidence and State Treasurer approval, while mandating downward adjustments if material costs later decrease. The relief applies only to contracts meeting these specific timing and cost thresholds and expires June 30, 2023.