This bill amends the "Local Public Contracts Law" to authorize local contracting units in New Jersey to establish joint venture and set-aside programs specifically for women's, minority, and veteran business enterprises. The legislation allows these contracting units to set aside a percentage of the total dollar value of procurements for contracts awarded to joint ventures that include qualified women's, minority, or veteran business enterprises. This change aims to enhance the competitiveness and growth of these traditionally disadvantaged businesses by enabling them to partner with more established firms, thereby addressing historical barriers to their participation in public bidding processes.

Key amendments include the definition of "joint venture" as an association of qualified business enterprises and the explicit inclusion of joint ventures in the set-aside programs for minority, women's, and veteran business enterprises. The bill also requires local governing bodies to establish goals for these set-aside programs and mandates that contracting agencies report on their progress in achieving these goals. Overall, the bill seeks to promote inclusivity and support for disadvantaged businesses in local government contracting.

Statutes affected:
Introduced: 40A:11-41, 40A:11-42, 40A:11-43, 40A:11-45, 40A:11-46, 40A:11-48