A. Bidder’s security may be required when deemed necessary by the purchasing officer. Bidders shall be entitled to return of bid security. However, a successful bidder shall forfeit the bid security upon refusal or failure to execute the contract within10 days after notice of award of contract, unless the city is responsible for the delay. The contract may be awarded to the next lowest responsible bidder upon the refusal or failure of the successful bidder to execute the contract within the time herein prescribed.
B. If the contract is awarded to the next lowest responsible bidder pursuant to subsection A, the purchasing officer may elect to return to the successful bidder the difference, if any, between the lowest bidder's security and the second lowest bidder’s security after first deducting therefrom any costs determined by the purchasing officer to have been incurred by the city as a result of the successful bidder’s failure or refusal to execute such contract within the prescribed time.
(Prior code §2.106 (Ord. 669), Ord. 2268)