171.04 RETURN OF DEPOSITS.

      Within thirty days after the contract has been awarded, all deposits made with the exception of bid bonds submitted with bids or proposals for the contract shall be returned to the persons making the same, except that made by the person to whom the contract is awarded. If such person executes the contract within five days after the award or within such additional time as may be allowed by the City Manager, and furnishes the required bond or security for the performance of the contract, the deposit shall be returned to him. In case he fails to do so, the award shall be vacated and the deposits or bid bonds forfeited as liquidated damages to the City, to be credited to the fund from which the contract is to be paid.

(Ord. 2024-3-15. Passed 3-13-24.)