§ 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.