N.Y. PBA Law § 2046-S

§ 2046-s. Contracts. All contracts or orders, for work, material or\nsupplies performed or furnished in connection with construction, shall\nbe awarded by the agency pursuant to resolution of the governing body\nexcept as hereinafter provided. Such awards, when applicable, may be\nmade in compliance with paragraph (e) of subdivision four and\nsubdivision seven of section one hundred twenty-w of the general\nmunicipal law. In any construction contract, the agency may provide a\nprogram for the payment of damages for delays and incentive awards in\norder to encourage timely project completion. An action, suit or\nproceeding contesting the validity of a contract awarded pursuant to\nthis section, or the validity of the procedures relating to such award,\nshall be governed by the provisions of subdivision six of section one\nhundred twenty-w of the general municipal law and the term\n"municipality" as used in such subdivision six shall mean the agency.\n The bidder whose bid is accepted shall give security for the faithful\nperformance of the contract, and such other security as the agency may\nrequire, and may be required to maintain any construction done under the\ncontract for such period as shall be stipulated, all in the manner\nprescribed and required by the agency and the sufficiency of such\nsecurity shall, in addition to the justification and acknowledgment, be\napproved by the agency. All bids or proposals shall be publicly opened\nby the governing body or its duly authorized agent. If the bidder whose\nbid or proposal has been accepted shall neglect or refuse to accept the\ncontract within five days after written notice that the contract has\nbeen awarded to him on his bid or proposal, or, if he accepts but does\nnot execute the contract and give proper security, the agency shall have\nthe right to declare his security forfeited. In case any work shall be\nabandoned by any contractor, the agency may, if it determines that the\npublic interest is thereby served, adopt on behalf of the agency any or\nall subcontracts made by such contractor for such work and all such\nsubcontractors shall be bound by such adoption if made. No bid or\nproposal shall be accepted from or any contract awarded to, any person\nor corporation which is in arrears to the agency or the town upon any\nobligation of the agency or of the town. Every contract involving an\nexpenditure of more than five thousand dollars when made and entered\ninto as herein provided for shall be executed in duplicate, one copy of\nwhich shall be held by the agency and one copy of which shall be\ndelivered to the contractor. The agency may adopt, utilize, ratify and\nconfirm any request for proposals, invitation for sealed bids, plans,\nspecifications and notices heretofore or hereafter published by the town\nwith respect to any proposed project, and the agency may adopt, utilize,\naccept and confirm any bids or proposals submitted to the town and\nheretofore or hereafter received and publicly opened by the town. The\nprovisions of this section shall supersede any inconsistent provisions\nof the general municipal law, any other general, special or local law.\nThe agency shall be deemed an authority for the purpose of section\ntwenty-six hundred four of this chapter.\n