In all cases of contracts for public works or improvements when the estimated cost exceeds twenty thousand dollars ($20,000.00), and in all other cases when deemed advisable by the village manager, bid deposits or bid bonds shall be required in an amount equal to ten percent (10%) of the bid amount and shall be prescribed in the public notices inviting bids. A successful bidder shall forfeit such deposit or bond upon his failure to enter into a contract within ten (10) days after the award. (Ord. 0-12-31, 8-20-2012)