Requires certain public contract bid advertisements to contain certified cost estimate ranges, specifies grounds for rejection of all bids, and requires 50% guaranty on bids; designated as the Fairness in Bidding Act.

This bill, the Fairness in Bidding Act (A 3542), requires public entities like school districts and counties to include certified cost estimate ranges in construction bid advertisements for projects over $500,000. The ranges must span no more than 5% (e.g., $100,000-$105,000) and be verified as reasonable. It also increases the required bid security deposit from 10% to 50% of the bid amount (capped at $100,000) and specifies valid reasons for rejecting all bids, such as bids exceeding the certified cost estimates. These changes apply directly to public construction contracts and aim to ensure transparency and prevent unreasonably low or high bids.