§ 24-351 Return or forfeiture of deposits.
AC § 24-351
Within three days after the decision as to who shall receive the contract, the comptroller shall return all the deposits made to the persons making the same, except the deposit made by the bidder to whom the contract shall be awarded; and if the bidder to whom the contract is awarded shall refuse or neglect, within ten days after due notice that the contract has been awarded, to execute the same, and furnish the security required, the amount of deposit made by the bidder shall be forfeited to and be retained by the city as liquidated damages for such neglect or refusal and shall be paid into the general fund, but if such bidder shall execute the contract, and furnish the security within such time, the amount of the bidder's deposit shall be returned to the bidder.
