§ 2046-s. Contracts. All contracts or orders, for work, material or
supplies performed or furnished in connection with construction, shall
be awarded by the agency pursuant to resolution of the governing body
except as hereinafter provided. Such awards, when applicable, may be
made in compliance with paragraph (e) of subdivision four and
subdivision seven of section one hundred twenty-w of the general
municipal law. In any construction contract, the 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 subdivision six of section one
hundred twenty-w of the general municipal law and the term
"municipality" as used in such subdivision six shall mean the agency.

The bidder whose bid is accepted shall give security for the faithful
performance of the contract, and such other security as the 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 agency and the sufficiency of such
security shall, in addition to the justification and acknowledgment, be
approved by the 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 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 agency shall have
the right to declare his security forfeited. In case any work shall be
abandoned by any contractor, the agency may, if it determines that the
public interest is thereby served, adopt on behalf of the agency 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 which is in arrears to the agency or the town upon any
obligation of the agency or of the town. 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 agency and one copy of which shall be
delivered to the contractor. The 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 town
with respect to any proposed project, and the agency may adopt, utilize,
accept and confirm any bids or proposals submitted to the town and
heretofore or hereafter received and publicly opened by the town. The
provisions of this section shall supersede any inconsistent provisions
of the general municipal law, any other general, special or local law.
The agency shall be deemed an authority for the purpose of section
twenty-six hundred four of this chapter.