(a) All bids for furnishing the labor or material, or both, for the construction or reconstruction of walks, driveways and curb openings for the City, shall be accompanied by a bidder's bond, certified check, or cashier's check on a solvent bank, payable to the City, in the amount of five percent of the total amount of the bid.
(b) [Repealed]
(Ord. 339-12. Passed 7-17-12.)
(c) All bidders' bonds, certified checks or cashiers' checks so accompanying bids shall be left with the Director at the time of filing the bid and no bid shall be received by the Director or considered by him unless the same is accompanied by the aforementioned bidder's bond, certified check or cashier's check.
(d) The Director shall return all checks accompanying bids which have been rejected to the person making such bid, whereas the bidder's bond, certified check or cashier's check accompanying the accepted bid shall be retained until a contract is entered into and performance bond furnished in accordance with the terms of the bid, when such check shall be returned by the Director to the person making the accepted bid.
(e) In case the successful bidder fails to execute such contract in the manner and by the time herein prescribed, then the full amount of his deposit shall be forfeited to the City and deposited by the Director with the Commissioner of Treasury and credited to the General fund.
(1952 Code § 7-4-37)