(a) The corporation may administer the program through the third party agent, which may be the New York Business Development Corporation, established under section 210 of the Banking Law, provided, however, that if the third party agent is to be a financial institution other than the New York Business Development Corporation, then such third party agent will be selected pursuant to a competitive process.

(b) Any contract entered into pursuant to this section, shall have a term of two years and shall be renewed for an additional two year period subject to requirements of subdivision (c) of this section and provide for compensation for expenses incurred by the third party agent in connection with its services as agent and for such other services as the corporation may deem appropriate including, but not limited to the use of the premises, personnel and personal property of the third party agent.

(c) The corporation shall conduct an annual review and assessment of the performance of the third party agent in its capacity as agent for the corporation to determine whether the contract with the third party agent should be renewed for an additional two year period. The review shall be based on whether the third party agent has satisfactorily met the terms and conditions of the contract, and such other factors as the corporation shall deem appropriate.

(d) Where an initial determination finds that the third party agent's performance is unsatisfactory, the corporation will allow the third party agent a limited opportunity to take corrective action, generally, during a period of not longer than 60 days.

(e) Where a final review of the third party agent's performance concludes that the third party agent's performance continues to be unsatisfactory, the corporation shall submit to the speaker of the Assembly and the temporary president of the Senate the corporation's recommendation to terminate the contract with the third party agent, and thereafter, may terminate the contract and take over administration of the program pursuant to section 16-k of the act or procure another third party agent.