N.Y. State Finance Law § 140: Disposition of deposit accompanying bid

§ 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.