NY A05758

Allows contractors with state or public benefit corporation construction contracts (bid before December 31, 2021, materials purchased after March 1, 2020) to request price increases if material costs exceeded 5% of the original bid price, based on nationally recognized economic indices.

Requires written application with documentary evidence submitted to the contracting department/agency, subject to public inspection and approval by the State Comptroller for state contracts and Attorney General for form/execution.

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

Authorizes the Commissioner of General Services to terminate, suspend, or grant price increases on commodity contracts if vendors incurred net losses exceeding 5% cost increases due to extraordinary market conditions, with State Comptroller approval.

Act takes effect immediately and expires June 30, 2024.