Within five days after any contract is awarded as herein provided all deposits and certified checks shall be returned with the exception of the successful bidder and the next lowest bidder. If the successful bidder enters into a purchase contract within five days from the date of final award, or within such additional time as the Mayor may grant and furnish, when required, the additional bond or security for the performance of the purchase contract, the certified or cashier's check shall be returned to him. If he fails to do so, the award shall be cancelled and the certified check retained as liquidated damages. All checks except as hereinafter provided, held by the City, shall be returned at the time of the execution of the purchase contract.
(1952 Code § 3-9-17)