New Jersey Acts Saved from Repeal ACTS SAVED 32 § 2-27(69)

3. Contracts and agreements with a contractor or contractors for the construction as aforesaid or the furnishing of any labor or materials therefor may, at the option of either or both parties, provide for the giving of a bond or bonds to the party or parties requiring the same, as a guarantee of the faithful performance of the said contract. The bond or bonds so required shall contain such provisions and be in such amount and with such sureties as the parties requiring the same may determine and the cost of such bond shall be borne by the party requiring the same.