(a) The bid bond shall be forfeited and the principal amount of the bid bond shall be paid to the Municipality, or the certified check shall be surrendered and forfeited to the Municipality, as the agreed amount of liquidated damages, in case of failure to enter into a contract for the work bid upon. In such case, the contract may, at the discretion of the Municipality, be readvertised or awarded to the next lowest and best bidder.
(b) The bid bonds or certified checks of all unsuccessful bidders shall be returned within thirty days of the award and execution of a contract, or the rejection of all bids, whichever is later. The bid bond or certified check of the successful bidder shall be returned after such bidder has executed a contract and the performance bond has been furnished to and accepted by the Municipality.
(Ord. 05-109. Passed 4-21-05.)
(Ord. 05-109. Passed 4-21-05.)