Each bid on any contract under Section 226.02 or 226.03 shall contain the full name of every person interested in such bid. If the bid is for a contract for the construction, demolition, alteration, repair or reconstruction of an improvement, it shall meet the requirements of Ohio R.C. 153.54. If the bid is for any other contract authorized by Section 226.02 or 226.03, it shall be accompanied by a sufficient bond or certified check, cashier's check or money order on a solvent bank or savings and loan association, guaranteeing that if the bid is accepted, a contract will be entered into and the performance of it properly secured. If the bid for work embraces both labor and material, it shall be separately stated, with the price thereof. Council, or, in the event a Village Administrator has been appointed as provided by Section 234.01, the Village Administrator, may reject any and all bids. The contract shall be between the Village and the bidder, and the Village shall pay such contract price in cash. When a bonus is offered for completion of a contract prior to a specified date, Council, or, in the event a Village Administrator has been appointed as provided by Section 234.01, the Village Administrator, may exact a prorated penalty in like sum for each day of delay beyond the specified date. When there is reason to believe there is collusion or combination among bidders, the bids of those concerned therein shall be rejected.
(ORC 731.15)