§ 16-16. Same—Bid or proposal deposit.

Latest version.

(a)

By this section, bid or proposal deposits may be prescribed in public notices inviting bids at the discretion of the division of purchasing.

(b)

If a bid or proposal deposit is deemed necessary, unsuccessful bidders or offerors shall be entitled to return of surety after award of the bid or proposal. A successful bidder or offeror shall forfeit any surety required by this section and by the written notice and specifications upon failure to enter a contract approved by the city attorney, within ten (10) days after the receipt of the contract.

(c)

If a bid or proposal deposit is not required, a successful bidder or offeror shall be liable in damages to the city to the extent of the difference in the original bidder's or offeror's contract and the next available bidder's or offeror's contract upon failure to enter into a contract approved by the office of city attorney within ten (10) days after the receipt of the contract.

(Ord. No. 2009-9089, § 1, 7-9-09)

                    
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