Governor Murphy today signed a UTCA-developed bill that changes the dates for the DOT’s material cost escalation program.
As we have previously reported, the original program was available only for contracts bid by April 1, 2020 which excluded the period when material cost increases were most severe. That program closed on January 21, 2023.
UTCA requested and backed this legislation which makes contracts bid before December 1, 2021 eligible for reimbursement for cost increases. The new law will re-open the program with the new eligibility period for another 90 days and an additional 30 days, if funds from the $10 million appropriation are still available.
Please note the DOT will need to re-start the application process so the program will not open immediately. We will inform you as soon as we know when it will be re-opened.
The reimbursement is available only to certified Small Business Enterprises (SBE’s) and applies only to DOT contracts. More information and the application for the original program can be found here.
If you have any questions on this or any other matter, please reach out to Ryan Sharpe via email at ryan@utcanj.org or by calling (732) 292-4300.