What must happen for all contracts finalized through negotiation?

For all contracts finalized through negotiation, it is essential that they receive 2/3 approval of the governing body. This requirement is in place to ensure that a significant consensus is reached before any negotiated contract is formally accepted. It adds a layer of accountability and oversight, reflecting the importance of these contracts, which can have financial and legal implications for the organization.

The 2/3 approval threshold is indicative of the need for broader support within the governing body, promoting transparency and involving multiple stakeholders in the decision-making process. This helps mitigate risks associated with negotiated contracts, as they often arise from specific circumstances that require careful review and consideration to ensure they align with the public interest.

Having this high benchmark not only fosters trust but also safeguards the process from potential mismanagement or favoritism in the award of contracts. Therefore, understanding this rule is crucial for anyone involved in public procurement processes, particularly in the New Jersey context where these guidelines apply to maintain ethical standards and community confidence.