(a) The contract shall be properly signed by the successful bidder and returned, together with the performance bond. If the contract is awarded to an out-of-state corporation, a certificate must be issued by the Secretary of State that such corporation is authorized to do business in Ohio. The contract, the performance bond and, in the case of out-of-state corporations, the certificate must be returned to the Village within ten days after the bidder has received notice that the contract has been awarded unless such ten day period is enlarged in writing at the sole option of the Village. No award shall be considered binding upon the Village until the execution of the contract. A contract shall be deemed executed when it is signed by the bidder and, on behalf of the Village, by the Mayor, when it is certified by the Village Finance Director as required by law, when it is secured by the required performance bond and when it is approved as to legal form by the Law Director. The successful bidder, upon his or her request, shall be entitled to a notice to proceed as soon as the contract is executed and shall be ready to proceed as soon as instructed to do so by the Village.
(b) Failure to execute a contract and file an acceptable performance bond and affidavit within the time and as provided in this chapter shall be cause for annulment of the award and the forfeiture of the proposal guaranty to the Village, not as a penalty but as liquidated damages. The contract may then be awarded to the next lowest bidder or the work may be readvertised, at the discretion of the Village. (Ord. 1994-10-42. Passed 10-5-94.)