When deemed necessary by the purchasing agent, bid deposits shall be prescribed in the public notices inviting bids. Upon entering into a contract, bidders shall be entitled to the return of the bid deposit where the purchasing agent has required such. A successful bidder shall forfeit any bid deposit required by the purchasing agent, upon failure on his or her part to enter into a contract within ten days after the award; provided, however, that, the town, in its uncontrolled discretion, may waive this forfeiture.