N.Y. General Municipal Law § 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.