Each bid shall be accompanied by a bid bond signed by a surety company authorized to do business in Ohio, or by a cashier’s check or certified check on a solvent bank, which bond or check shall be in the sum of five percent (5%) of the amount of the bid. The bond or check shall be given as security that if the bid is accepted a contract will be entered into and the performance of it properly secured.
(Ord. No. 1236-60. Passed 6-20-60, eff. 6-22-60)