N.Y. PBA Law § 1020-S*2

* § 1020-s. Contracts. All contracts, or orders, for work, material or\nsupplies performed or furnished in connection with construction or any\nprocurement shall be awarded by the authority pursuant to resolution.\nSuch contracts, or orders, for work, material or supplies needed for any\nparticular purpose involving an expenditure for more than five thousand\ndollars shall be awarded only after inviting sealed bids or proposals\ntherefor. The notice inviting sealed proposals shall be published at\nleast once in a newspaper or trade paper selected by the authority for\nsuch purpose, such publication to be at least ten days before the date\nfor the receipt of bids. If the authority shall not deem it for the\ninterest of the authority to reject all bids, it shall award the\ncontract to the lowest responsible bidder. The bidder whose bid is\naccepted shall give security for the faithful performance of the\ncontract, and such other security as the authority may require, and may\nbe required to maintain for such period as shall be stipulated any\nconstruction done under the contract, all in the manner prescribed and\nrequired by the authority; and the sufficiency of such security shall,\nin addition to the justification and acknowledgment, be approved by the\nauthority. All bids or proposals shall be publicly opened by the\nauthority or its duly authorized agent. If the bidder whose bid has been\naccepted after advertising shall neglect or refuse to accept the\ncontract within five days after written notice that the same has been\nawarded to him on his bid or proposal, or, if he accepts but does not\nexecute the contract and give proper security the authority shall have\nthe right to declare his deposit forfeited, and thereupon it shall be\nreadvertised and relet as above provided. In case any work shall be\nabandoned by any contractor, the authority may, if the best interests of\nthe authority be thereby served, adopt on behalf of the authority any or\nall sub-contracts made by such contractor for such work and all such\nsub-contractors shall be bound by such adoption if made; and the\nauthority shall in the manner provided herein readvertise and relet the\nwork specified in the original contract exclusive of so much thereof as\nshall be provided for in the sub-contract or sub-contracts so adopted.\nNo bid shall be accepted from or any contracts awarded to, any person or\ncorporation who is in arrears to the authority, or the village of Green\nIsland upon any debt or contract, or is a defaulter as surety or\notherwise upon any obligation of the authority, or the village. Every\ncontract involving an expenditure of more than five thousand dollars\nwhen made and entered into as herein provided for shall be executed in\nduplicate, one copy of which shall be held by the authority and one copy\nof which shall be delivered to the contractor.\n * NB There are 2 § 1020-s's\n