(A) Bid deposits.
(1) When deemed necessary by the Board of Trustees, bid deposits shall be prescribed in the public notices inviting bids. Unsuccessful bidders shall be entitled to the return of their bid deposits upon the award of the contract by the Board of Trustees. A successful bidder shall forfeit any bid deposit required by the Board of Trustees upon failure on its part to enter into a contract within the appropriate number of days.
(2) Such bid deposit may be in the form of a certified check, bond, or letter of credit in an amount as specified in the advertisement for bids to ensure finalization of the contract and to indemnify the village against all loss, damages, and claims that may accrue against the village as a consequence of the granting of the contract.
(B) Bid opening procedure.
(1) Bids shall be submitted sealed to the village and shall be identified as bids on the envelope.
(2) Bids shall be opened in public at the time and place stated in the public notice.
(3) A tabulation of all bids received shall be made by the Board of Trustees, a village employee, or other designee, in which event a tabulation of the bids shall be furnished to the Board of Trustees at its next regular meeting.
(C) Rejection of bids. The village, through its corporate authorities, shall have the authority to reject all bids or parts of all bids when the public interest will be served thereby.
(D) Bidders in default to village. The village shall not accept the bid of a contractor who is in default on the payment of taxes, licenses, or other money due the village.
(Ord. 916, passed 7-3-2008)