23. a. Within 120 days of the effective date of P.L.2023, c.311 (C.18A:7G-5b et al.), the Commissioner of Education, in consultation with the New Jersey Schools Development Authority, shall, pursuant to the Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), promulgate regulations for school districts concerning the incorporation of construction contract provisions that encourage the completion of construction projects on schedule.
b. At a minimum, the regulations shall include sample provisions that school districts may include in future issuances of construction contracts. In addition to any other considerations that the commissioner may deem appropriate, the regulations shall prescribe:
(1) industry-leading penalties for the late delivery of projects by contractors; and
(2) incentives for contractors who deliver projects on time and under budget.