NY Pub Auth L § 1115-V (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 6 - Albany Municipal Water Finance Authority 1115-V - Contracts.

§  1115-v. Contracts. 1. All contracts or orders for work, material or   supplies performed or furnished in connection with construction shall be   awarded  by  the  contracting  agency  pursuant  to  resolution  of  its   governing body. Such awards shall be made in compliance with section one   hundred  three  of  the  general  municipal  law.  In  any  construction   contract, the contracting agency may provide a program for  the  payment   of  damages for delays and incentive awards in order to encourage timely   project  completion.  An  action,  suit  or  proceeding  contesting  the   validity of a contract awarded pursuant to this section, or the validity   of  the  procedures  relating  to  such  award, shall be governed by the   provisions of section one hundred three of the general municipal law and   the term "political subdivision" as defined in section  one  hundred  of   the  general  municipal  law  shall be deemed to include the contracting   agency for the purposes of such section one hundred three.2. The bidder whose bid  is  accepted  shall  give  security  for  the   faithful  performance  of  the  contract, and such other security as the   contracting agency may require, and may  be  required  to  maintain  any   construction  done  under  the  contract  for  such  period  as shall be   stipulated, all in the manner prescribed and required by the contracting   agency, and the sufficiency of such security shall, in addition  to  the   justification  and  acknowledgement,  be  approved  by  the  contracting   agency. All bids or proposals shall be publicly opened by the  governing   body  or  its duly authorized agent. If the bidder whose bid or proposal   has been accepted after advertising shall neglect or  refuse  to  accept   the contract within five days after written notice that the contract has   been  awarded  to  him on his bid or proposal, or if he accepts but does   not execute the contract  and  give  proper  security,  the  contracting   agency  shall  have  the right to declare his deposit forfeited. In case   any work shall be abandoned by any contractor,  the  contracting  agency   may,  if it determines that the public interest is thereby served, adopt   on its own behalf any or all subcontracts made by  such  contractor  for   such work and all such subcontractors shall be bound by such adoption if   made. No bid or proposal shall be accepted from, or any contract awarded   to,  any  person  or  corporation  who  is in arrears to the contracting   agency or the city upon any obligation of the contracting agency  or  of   the  city.    Every  contract involving an expenditure of more than five   thousand dollars when made and entered into as herein provided for shall   be executed in duplicate, one  copy  of  which  shall  be  held  by  the   authority  and  one  copy of which shall be delivered to the contractor.   The contracting agency  may  adopt,  utilize,  ratify  and  confirm  any   request for proposals, invitation for sealed bids, plans, specifications   and  notices  heretofore or hereafter published by the city with respect   to any proposed project, and the contracting agency may adopt,  utilize,   accept  and  confirm  any  bids  or  proposals submitted to the city and   heretofore or hereafter received and publicly opened by  the  city.  The   provisions  of  this section shall supersede any inconsistent provisions   of the general municipal law, any other general, special or  local  law,   or the charter of the city.