When a public project is involved, and in other cases when deemed necessary by the Purchasing Agent, formal bids shall be accompanied by security, either cash, cashier’s check, certified check or surety bond, in a sum equal to ten percent (10%) of the total aggregate of the bid, and shall be designated in the notice inviting bids. Bidders shall be entitled to return of bid security, provided, however, that a successful bidder shall forfeit his bid security upon his refusal or failure to execute the contract within ten (10) days after the notice of award of contract has been mailed, unless the City is solely responsible for the delay in executing the contract. The City Council may, on refusal or failure of the successful bidder to execute the contract, award it to the next lowest responsible bidder who is willing to execute the contract, or may reject all bids and re-advertise.
[Ord. No. 461, Section 3, 5/9/07.]