Unsuccessful bidders shall be entitled to the return of bid deposits immediately after action is taken on the bids by the corporate authorities or sooner if authorized by the Purchasing Agent. The corporate authorities may hold the bid deposit of a bidder chosen as the alternate successful bidder until the successful bidder has signed the contract, but no longer than 30 days after the award of the bid. A successful bidder shall forfeit any bid deposit upon failure on his or her part to enter into a contract with the village within ten days after the award of the bid.