The Town may, at its discretion, require bid security deposits as stated in the invitation for bids on any projects. Construction projects valued at $50,000 and over will be required to hold bid securities. These deposits may take the form of a certified check, a cashier’s check or bond executed by a surety company licensed under the laws of South Carolina to execute such bonds. The bid security shall be in an amount to at least 5% of the amount of the bid. When the invitation for bids requires security, noncompliance requires that the bid be rejected. Bid deposits will be returned to the unsuccessful bidders after an award determination has been made. In the event the successful bidder shall fail to enter into a contract within the terms of the invitation after having been notified of the award, the bid security deposit shall, at the option of the Town, be forfeited to the Town and retained and deposited to the Town’s account. In such an instance, the Town may renegotiate with the second lowest, responsive and responsible bidder, or resolicit new bids; whichever is determined in the best interest of the Town.