New York State Bar Association Continuing Legal Education publications are intended to provide current and accurate information to help attorneys. Article will also provide guidance on how parties can seek to avoid unwittingly binding themselves during the course of contract.Required under the Contract, the Contracting. Principles (as described in Section 165 of the New York State. Finance Law), and shall permit independent monitoring of compliance with such principles. To prove the existence of a contract, you must first be able to show that you and the other party formed a legally binding contract. Transactional attorneys and litigators often take a very different approach toward contracts. The City of New York has issued a new Standard Construction Contract. The new Contract, which is incorporated in this bid, is different from the 2013. "Negotiating" includes procuring an introduction to a party to the transaction or assisting in the negotiation or consummation of the transaction.