Bid deposits shall be required in all instances in which the purchasing agent or department head determines such security to be in the best interests of the village. The purchasing agent, department head or the Village Council may require a performance bond, payment bond or other similar security before awarding a contract, in such amount as is reasonably necessary to protect the best interests of the village. A successful bidder shall forfeit any bid deposit required upon failure of the successful bidder to enter into a contract within the time specified after the award.
(Ord. 24.09, passed 6-26-23)