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When the form of any contract with its specifications and the form of bond for the performance thereof shall have been approved as provided for in section 24-347, the commissioner shall advertise for sealed bids or for proposals for the doing of the work or the furnishing of the materials called for in such approved form of contract. Such advertisement shall be published in the City Record and in two daily newspapers published in the city, to be designated by the commissioner, for at least fifteen days consecutively before the time fixed for the closing of the bid box.
All bids or proposals which may be sent in answer to the invitation of such advertisement shall be enclosed in a sealed envelope and delivered to the commissioner or to such person as may be designated by the commissioner to receive the same, who shall, upon receipt thereof, forthwith and in the presence of the person offering such bid, deposit it in a box provided for the receipt thereof. But no bid or proposal shall be so received or deposited unless at the time of such presentation there shall be deposited with the person as aforesaid designated a certified check upon a national or state bank, drawn to the order of the comptroller, to an amount not less than five percent of the amount of the bond or security required by such approved form for the faithful performance of the work or furnishing of the materials required to be done or furnished. Such amount need not, however, in any case, exceed one hundred thousand dollars.
After the expiration of the time limited in the advertisement, such bids or proposals shall be publicly opened by the commissioner and he or she may select the bid or proposal, the acceptance of which will, in the commissioner's judgment, best secure the efficient performance of the work, or the commissioner may reject any or all of such bids. In case of the rejection of all bids, the commissioner shall readvertise such contract, and shall receive and dispose of the bids tendered under such advertisement in the manner hereinbefore provided. In case any work shall be abandoned by any contractor, or the contractor's contract terminated pursuant to the provisions thereof, it shall be readvertised and relet in the manner provided for in this subchapter for the original letting of such work, except that in such a case, the board of estimate by a two-thirds vote may order otherwise, and may authorize, upon the recommendation of the commissioner, the completion of the work in such manner and by such means as the commissioner deems appropriate.
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