Requiring additional disclosure of large contract modifications.

A Local Law to amend the administrative code of the city of New York, in relation to requiring additional disclosure of large contract modifications

This bill would amend the cost overruns report currently required by Local Law 18 of 2012 by requiring additional reporting for capital contract modifications for revisions of 20% or more of the original value of contracts over ten million dollars. This additional reporting would include detailed explanatory language regarding the nature of such contract modifications, including the total number of proposals submitted prior to awarding the original contract and whether the selected vendor’s other contracts with city agencies were similarly delayed, if applicable. The secondary report required by Local Law 18 of 2012 would now be triggered for subsequent contract modifications of the lower of: (i) ten percent of the revised value or (ii) ten million dollars or more.