NY S08844

Allows contractors on state construction contracts awarded before April 1, 2020 (for materials purchased or invoiced after March 1, 2020) to request price adjustments if material costs increased more than 5% from the time of bid award.

Price adjustments require written application with documentary evidence to the awarding department, agency, or public benefit corporation, and must be approved by the state comptroller for state contracts and the attorney general for form and execution.

Contractors receiving price increases for escalation are also subject to downward adjustments for de-escalation if material costs subsequently decrease, potentially resulting in prices lower than the original bid.

Authorizes the Commissioner of General Services to suspend or terminate commodity contracts and grant price increases when vendors experience cost increases exceeding 5% due to extraordinary market conditions, with state comptroller approval required.

Expires and is repealed on June 30, 2023.