(a) No sealed bid shall be considered unless accompanied by, and no bid at public auction shall be considered unless such bidder shall have first deposited with the auctioneer, a cash deposit, or a cashier’s check of, or a check certified by a responsible bank in the City of Los Angeles payable to the City of Los Angeles for an amount to be determined by the Board, which amount shall be not less than 10 per cent of the amount of the bid, as a guarantee that the person making such bid will, if the person’s bid is accepted, purchase and pay for such property upon the terms and conditions provided herein or specified in the notice of sale or attached to the list on file of the properties to be sold; or in lieu of such deposit any bidder may furnish with the bidder’s sealed bid or before bidding at public auction a satisfactory surety bond in the said amount and so payable.
(b) Any deposit made or bond furnished by any bidder to whom property has been ordered sold under the provisions of this article shall be subject to forfeiture at the option of the Board if the said bidder shall fail to complete the purchase in accordance with the terms and conditions therefor.
SECTION HISTORY
Based on Ord. No. 96,847.
Added by Ord. No. 140,475, Eff. 6-17-70.