New York Laws
Article 5-A - Public Contracts
105 - Disposition of Deposit Accompanying Bid.

§ 105. Disposition of deposit accompanying bid. Notwithstanding any
inconsistent provision of any general, special or local law, whenever as
a condition precedent to the reception or consideration of a bid for
furnishing supplies, materials, or equipment or performing work for a
political subdivision or any officer, board or agency thereof or of any
district therein, a deposit of a certified check, money, bonds or other
obligations is required, a person or corporation submitting a bid may
withdraw the same if no award of the contract be made within forty-five
days after the receipt thereof, and upon such withdrawal such deposit
shall be forthwith returned. A certified check, money, bonds or other
obligations or security deposited to secure a bid shall be retained
under the jurisdiction and control of the chief fiscal officer or other
officer of the political subdivision or district having custody of its
money, until returned to the bidder or forfeited.

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