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This entry was published on 2014-09-22
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Disposition of deposit accompanying bid
State Finance (STF) CHAPTER 56, ARTICLE 9
§ 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.