When seeking bids that are less than the bid threshold, what is required?

When seeking bids that are less than the bid threshold, at least two quotes must be solicited to ensure that competition is maintained and to obtain the best possible value for the purchasing entity. This practice not only helps in comparing prices but also fosters an environment of fairness and transparency in the procurement process. By requiring multiple quotes, the procurement process can better assure that the selected vendor offers a competitive price and that the jurisdiction adheres to proper procurement procedures.

The emphasis on soliciting at least two quotes reflects the underlying principle of obtaining value for taxpayers and ensuring that public funds are spent efficiently. This requirement aligns with the goals of the New Jersey Local Public Contracts Law, which encourages competition among vendors, even in cases where the threshold for formal bidding is not met. This approach helps to mitigate the risks associated with monopoly pricing and enhances accountability in spending public money.