All bids shall be accompanied by a bid proposal deposit in the form of a cashier's check, postal money order, or surety bond to the order of the city for a sum not less than five percent of the amount of the bid, such amount to be forfeited to the city in case the contract is awarded to such bidder and such bidder fails to enter into such contract and no bid shall be considered unless accompanied by such bid proposal deposit. When the contract is let then all bid proposal deposits shall be returned to the bidders except that of the successful bidder.
(Ord. 301 § 4, 1927; Ord. 1691 § 1, 2023)