140 - Disposition of deposit accompanying bid. - New York Statutes

§ 140. Disposition of deposit accompanying bid. Whenever as a condition precedent to the reception or consideration of a proposal for construction, alteration, repair or improvement for the state or any department or officer thereof, a deposit of a certified check, money, bonds, corporate stock, certificates of indebtedness, or otherwise, is required, a bidder under such proposal may withdraw his bid if no award of the contract be made within forty-five days after the receipt of the bids, and upon such withdrawal his deposit shall be forthwith returned to him. A check, money, corporate stock, bond, or other security, the deposit of which is required by statute to secure a bid upon such a proposal shall be retained under the jurisdiction of the comptroller until returned to the bidder, or forfeited as provided by the law pursuant to which such proposal was made. The provisions of this section shall supersede the provisions of any act inconsistent herewith.