If the successful bidder fails to enter into the contract awarded it or to supply the necessary faithful performance bond within ten days after the award, then the sum deposited in cash or by certified check or guaranteed by the bid bond is forfeited to the City. Such forfeiture shall not preclude recovery of any sum over and above the amount posted or guaranteed to which the City sustains damage by reason of such default or failure to contract.
In the event of the bidder’s default, any cash deposit shall be paid to the City; or the certified check shall be presented for payment and collected; or the surety bondspersons shall be required to pay the amount of their bond, and the City Attorney may take appropriate action to collect the same if such bondspersons fail to pay the obligation of their bond within fifteen days after demand. Upon payment or collection, the amount shall be paid into the general fund or to the bond fund from which the contract is to be met or, in the case of contracts made by departments having control of their own funds, into the appropriate fund of such department as designated by such department.
SECTION HISTORY
Based on Ord. No. 114,262.
Amended by: In Entirety, Ord. No. 185,205, Eff. 11-22-17.