2006 New York Code - Return Or Forfeiture Of Deposits.

 
    § 24-351 Return or forfeiture of deposits. Within three days after the
  decision  as  to  who  shall receive the contract, the comptroller shall
  return all the deposits made to the persons making the same, except  the
  deposit made by the bidder to whom the contract shall be awarded; and if
  the  bidder  to  whom  the  contract is awarded shall refuse or neglect,
  within ten days after due notice that the contract has been awarded,  to
  execute  the  same,  and  furnish  the  security required, the amount of
  deposit made by the bidder shall be forfeited to and be retained by  the
  city as liquidated damages for such neglect or refusal and shall be paid
  into  the  general  fund, but if such bidder shall execute the contract,
  and furnish the security within such time, the amount  of  the  bidder's
  deposit shall be returned to the bidder.