(A) When deemed necessary by the Board of Trustees, bid deposits shall be prescribed in the public notices inviting bids.
(B) (1) Unsuccessful bidders shall be entitled to the return of their bid deposits upon the award of the contract by the Board of Trustees.
(2) A successful bidder shall forfeit any bid deposit required by the Board of Trustees upon failure on his or her part to enter into a contract within ten days after the award.
(2007 Code, § 1-2-26)