A. Check Or Bond Required: Each bidder on a public construction contract shall accompany his bid by a certified or cashier's check or bid bond equal to five percent (5%) of the bid, which shall be deposited with the city as a guaranty, and there shall be forfeited to the city cost of republication of notice to bidders, all actual expenses incurred by reason of bidder's default and the difference between the low bid of the defaulting bidder and the amount of the bid of the bidder to whom the contract is subsequently awarded, but not to exceed the amount of the check or bid bond, in the event the apparently successful bidder fails to execute the contract or fails to provide the required bond and insurance to the city.
B. Return To Bidder:
1. The certified or cashier's check or bid bond shall be returned to the successful bidder on execution and delivery of the contract and required bond and insurance.
2. Checks of unsuccessful bidders shall be returned to them in accordance with the terms of the proposal. (1985 Code § 7-310)