(a) All purchases and contracts for supplies for services, except for personnel services, made by the Authority, including contracts for the construction of facilities of the Authority, shall be made after advertisement for bids, sufficiently in advance of opening bids, for the Authority to secure appropriate notice and opportunity for competition. Except that, where the expense estimated to be necessary in connection with the purchase or the expense estimated to be necessary in connection with the purchase or work does not exceed ten thousand ($10,000) dollars the same may be carried out without advertisement for bids. Further, advertisement for bids shall not be required when —
(1) an emergency requires immediate delivery of the materials, supplies, equipment, or performance of the services; or
(2) repair parts, accessories, or supplemental equipment or services are required for supplies or service previously furnished or contracted for; or
(3) professional, financial, (including financial printing) design/build or other expert services or work are required and the Authority shall deem it in the best interest of good administration that contracts therefor be made without such advertisement; or
(4) prices are noncompetitive because there is only one source of supply or because regulated under law. In such case the purchase of such materials, supplies, or equipment, or procurement of such services, may be made in the open market in the manner usual in commercial practice. In the comparison of bids and the making of awards, due consideration shall be given to such factors (in addition to whether the bidder has complied with the specifications) as the bidder's ability to perform work of the kind involved in the contract under consideration; the relative quality and adaptability of materials, supplies, equipment, or services; and the time of delivery or performance offered. The Authority may prescribe rules and regulations for the submission of bids.
(b) Any contract, purchase agreement or other instrument of sale accepted by the Authority shall contain an enforceable performance guarantee by the seller.