A.   Bid security shall be required for all competitive sealed bidding for construction contracts when the price is estimated by the Purchasing Agent to exceed twenty five thousand dollars ($25,000.00). Bid security shall be a bond provided by a surety company authorized to do business in the State, or the equivalent in cash, or otherwise supplied in a form satisfactory to the Village. Nothing herein shall prevent the requirement of such bonds in service or commodity contracts when the circumstances warrant or at lower contract values.
   B.   The bid security shall be in an amount equal to at least five percent (5%) of the amount bid.
   C.   When the invitation for bids requires security, the failure to provide bid security will result in the bid being rejected unless it is determined that the bid fails to comply only in a nonsubstantial manner with the security requirements.
   D.   If a bidder is permitted to withdraw its bid before award as provided in subsection 3-1-3F of this chapter, no action shall be had against the bidder or the bid security. (Ord. 2019-23, 4-18-2019)