* § 2508. Contracts of the authority. 1. All contracts for the construction, reconstruction, rehabilitation or improvement of buildings or structures shall be let in the manner provided by law for contracts of the city. The authority in preparing separate specifications may provide for assignment of responsibility for coordination of any of the contracts for such work to a responsible person, firm or corporation.

Terms Used In N.Y. Public Authorities Law 2508

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

2. The authority shall not award any construction contract except to the lowest bidder who in its opinion is qualified to perform the work required and is responsible and reliable. The authority may, however, reject all bids or waive any informality in a bid if it believes that the public interest will be promoted thereby. The authority may reject any bid if in its judgment the business and technical organization, plan, resources, financial standing or experience of the bidder, compared with the work to be performed, justifies such rejection.

3. Any construction contract awarded by the authority shall contain such other terms and conditions, and such provisions for penalties, as the authority may deem desirable.

* NB (Discontinued-Board of Directors never appointed)

  Previous section
Next section  
 Title 25 Contents