§ 1120-p. Contracts. 1. All contracts or orders for work, material or
supplies performed or furnished in connection with construction shall be
awarded by the authority pursuant to resolution of the governing body
except as hereinafter provided. Such awards, when applicable, shall 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 authority 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 authority.

2. The bidder whose bid is accepted shall give security for the
faithful performance of the contract, and such other security as the
authority 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 authority, and the sufficiency
of such security shall, in addition to the justification and
acknowledgment, be approved by the authority. 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 authority shall have the right to declare
his deposit forfeited. In case any work shall be abandoned by any
contractor, the authority may, if it determines that the public interest
is thereby served, adopt on behalf of the authority any or all
subcontracts made by such contractor for such work and all such
subcontractors shall be bound by such adoption, if made. 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 authority 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
authority may adopt, utilize, ratify, 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, and
other general, special or local law, or the charter of the town;
provided, however, the provisions of the ethics law of the town shall
apply to the authority and its members. The authority shall be deemed to
be an authority for purposes of section twenty-eight hundred
seventy-eight of this chapter.