Provides equitable relief to State contractors who sustained unanticipated expenses due to price escalation for construction materials.

This bill allows New Jersey state contractors to adjust construction contracts when material costs rise unexpectedly above 5% from the contract's original award date. It applies only to contracts awarded before April 1, 2020, for materials purchased after March 1, 2020. Contractors must provide evidence (using U.S. Labor Department indices) to the Treasury for approval of cost adjustments, which cannot include labor or profit. Any future price decreases must also be adjusted downward. The bill expires June 30, 2023.