Performance Guarantee Reform Law – Moving Towards Consistency

During his last day in office, Governor Christie signed into law Assembly Bill 1425/Senate Bill 3233, which implements major reforms to the requirements for performance and other bonds posted in connection with municipal land use approvals under the Municipal Land Use Law. The amendments were intended to bring greater consistency in calculating performance bonds and to introduce other modifications to the development process to address practices that resulted in cost and delay and to codify useful practices. Please click here to read the full article by Meryl A.G. Gonchar, Esq., NJBA Patron Sponsor Sill Cummis & Gross P.C.