(A) Bidder's security may be required when deemed necessary by the Purchasing Officer for the purchase of supplies, services and equipment. Bidder's security shall be required for public works project purchases. Bidders shall be entitled to return of the security.
(B) (1) However, the lowest responsible bidder shall forfeit his or her bidder's security upon refusal or failure to execute a contract within ten days after a notice of contract award unless the city is responsible for the delay.
(2) The contract may then be awarded to the next lowest responsible bidder upon the refusal or failure of the lowest bidder to execute the contract within the time herein prescribed.
(C) In the event the contract is awarded to the next lowest responsible bidder, for the reasons aforesaid, then the Purchasing Officer, in his or her sole discretion and election, may return to the lowest bidder the difference, if any, between the lowest bidder's security and the second lowest bidder's bid after first deducting therefrom any costs determined by the Purchasing Officer to have been incurred by the city as a result of the lowest bidder's failure or refusal to execute the contract within the prescribed time.
(`61 Code, § 2.68-3) (Ord. 906, passed 6-15-1999; Am. Ord. 1073, passed 4-18-2023; Am. Ord. 1080, passed 3-5-2024)