A. On all contracts and purchases, not including professional services, wherein competitive bidding procedures are utilized, if bid security is required of the bidders, a bid security, in a form and substance acceptable to the village, of at least five percent (5%), but no more than ten percent (10%), of the actual bid shall be required (hereinafter "bid security").
B. The bid security designated in subsection A of this section shall be in the form of a bank cashier's check that is clearly marked payable to the "Village of Bloomingdale"; provided, however, that if state law allows the bidder or vendor to submit a bid bond or letter of credit for the bid security in lieu of a bank cashier's check, then a bid bond with surety or letter of credit may be furnished to the village by the bidder or vendor. The bid security shall be returned to any unsuccessful bidder when a contract has been awarded and signed or all bids have been rejected. (Ord. 2011-35, 9-12-2011; amd. Ord. 2013-37, 12-16-2013)