Section 140. Disposition of deposit accompanying bid  


Latest version.
  • 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.