(a) Except as otherwise provided, all contracts of the port authority shall be entered into and executed in such manner as may be prescribed by the board of commissioners, but no contract or acquisition by purchase of equipment, apparatus, materials or supplies, involving more than five hundred dollars ($500) or for construction, installation, repair or improvement of the property or facilities under the jurisdiction of the board involving more than one thousand dollars ($1,000) shall be made except after such contract has been advertised for bids, except as provided in subsection (b).

(b) Advertisement for bids is not required:

(1) In the employment of architects, engineers and attorneys or other professional advisors for personal service. The board may employ or select such architects, engineers, attorneys or professional consultants and advisors as in the judgment of the board best meet the qualifications for rendering such services;

(2) When an emergency arises and requires immediate delivery of the supplies or performance of the service; or

(3) For repair, parts, accessories, supplemental equipment or services, or required supplies or services previously furnished or contracted for, in which case such purchase of supplies or procurement of services shall be made in the open market in the manner common among business persons.

(c) After advertisement for bids as provided in this section, if no acceptable bid is received, the board may reject any and all bids, or the board may negotiate with contractors or suppliers to secure the construction of facilities or the purchase of equipment, apparatus, materials or supplies at the best possible price, or the board may construct such facilities, by “force account construction,” that is, the board may employ the necessary engineers, supervisors and other personnel, purchase necessary materials, equipment and supplies, to construct such facilities authorized by this chapter with its own employees.