§ 10-2-405. SAME - BID SUBMITTAL AND DEPOSITS.

(a)

Submittal. A bid shall be submitted to the Purchasing Agent and identified as a bid on the envelope.

(b)

Posting of bids. A tabulation of all bids received shall be posted on the bulletin board maintained in the main offices of the Purchasing Agent until the award is made and thereafter shall be filed with the papers relating to the transaction.

(c)

Type of bid deposit.

(1)

Bid deposits shall be either in the form of:

(i)

A certified check; or

(ii)

A bid bond in a form and with the surety or sureties as may be approved by the Purchasing Agent or the Purchasing Agent's Deputy.

(2)

When considered necessary by the Purchasing Agent, deposits shall be prescribed in the public notice inviting bids.

(d)

Bid deposit taken as liquidated damages. If a successful bidder fails to execute a contract within 10 business days after the award of a contract, the successful bidder's bid deposit may, as determined by the Purchasing Agent, be taken and considered as liquidated damages, and not as a penalty, for failure of the bidder to execute the contract.

(e)

Return of a bid deposit. The Purchasing Agent shall return a bid deposit to:

(1)

An unsuccessful bidder; and

(2)

A successful bidder on proper execution of the contract.

(1988 Code, § 15-84) (Bill No. 171, 1989, § 1, 1-20-1990; Bill No. 69-95, § 6, 7-1-1995; Bill No. 49-96, § 7, 7-1-1996; Bill No. 65-98, § 1, 7-10-1998; Bill No. 83-00, § 2, 7-1-2004)