Bid security shall be required as a condition of submitting a written bid unless deemed unnecessary in writing by the Purchasing Agent. Bid security shall be in the form of a cashier's check or surety bond and shall be no less than ten percent (10%) of the bid amount or such other amount as determined by the Purchasing Agent.
A successful bidder shall forfeit his bid security upon refusal or failure to execute a contract or purchase order with the City. On refusal or failure of the successful bidder to execute the contract or purchase order, the City may award the bid to the next lowest responsible bidder who is willing to execute the contract or purchase order. In such case, the amount of successful bidder's security shall be applied by the City to the purchase or contract price differential between the successful bidder and the next lowest responsible bidder. The remaining security, if any, shall be returned. (Ord. 06-O-2504, eff. 10-20-2006; amd. Ord. 21-O-2835, eff. 4-16-2021)