NY A10109

Allows contractors with state construction contracts awarded before April 1, 2020 to request price adjustments if material costs increased more than 5% for materials purchased or invoiced after March 1, 2020.

Requires adjustments be based on nationally recognized economic indices from the U.S. Department of Labor or similar organizations, with approval from the state comptroller for state department contracts.

Contractors receiving price increases are also subject to downward adjustments for material de-escalation, potentially resulting in prices lower than original bids.

Authorizes the Commissioner of General Services to terminate or suspend commodity contracts and grant price increases when vendors incur net losses due to material cost increases exceeding 5%, with state comptroller approval required.

Expires and is repealed on June 30, 2023.