(A) When deemed necessary by the Board of Trustees, bid deposits shall be prescribed in the public notices inviting bids. Unsuccessful bidders shall be entitled to the return of their bid deposits upon the award of the contract by the Board of Trustees. A successful bidder shall forfeit any bid deposit required by the Board of Trustees upon failure on its part to enter into a contract within ten days after the award.
(B) Such bid deposit may be in the form of a certified check, bond, or letter of credit in an amount as specified in the advertisement for bids to ensure finalization of the contract and to indemnify the village against all loss, damages, and claims that may accrue against the village as a consequence of the granting of the contract.
(Ord. 485, passed 9-6-2007)