What is the minimum number of competitive quotations required for an informal quotation if practical?

In New Jersey, the law typically mandates that for informal quotation processes, at least two competitive quotations should be obtained when practical. This requirement helps to ensure a fair assessment of cost and quality among different potential suppliers, encouraging competition and transparency in the procurement process.

By seeking at least two quotes, municipalities can make more informed decisions and potentially secure better pricing or services by evaluating options. While obtaining only one quote does not provide a comprehensive basis for comparison, two quotes allow for a more balanced view, highlighting the importance of obtaining multiple perspectives before making a purchasing decision.

The focus on practicality means that if it’s feasible to obtain two quotations in a given situation, that should be the standard. However, if fewer quotations are available due to unique circumstances, alternatives can be explored.