When deemed necessary by the purchasing agent, bid deposits shall be required and shall be prescribed in any published notice inviting bids, as well as in the bidding documents. Unsuccessful bidders shall be entitled to the return of such deposit or surety. A successful bidder shall forfeit any surety or deposit required by the purchasing agent if he or she fails to enter into the contract within the time required in the specifications or bidding documents, unless said forfeiture is waived or the time is extended by the Village Superintendent or the Village Council.
(2005 Code, § 7.008) (Ord. 2-80, passed 7-9-1980)