1. If an association solicits bids for an association project:
(a) The association must, whenever reasonably possible, solicit at least three bids if the association project is expected to cost:
(1) In a common-interest community that consists of less than 1,000 units, 3 percent or more of the annual budget of the association; or
(2) In a common-interest community that consists of 1,000 or more units, 1 percent or more of the annual budget of the association; and
(b) The bids must be opened and read aloud during a meeting of the executive board.
2. As used in this section, “association project” includes, without limitation, a project that involves the maintenance, repair, replacement or restoration of any part of the common elements or which involves the provision of professional services to the association, including, without limitation, accounting, engineering and legal services.
(Added to NRS by 2009, 1099; A 2015, 2182)
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