Bid Deposit. All bids must be accompanied by an xxxxxxx money bid deposit (“Bid Deposit”) in the form of a cashier’s check made out to San Antonio Water System in the amount of ten (10) percent of the bid amount. If a bid is not accepted by SAWS, the cashier’s check will be returned to the unsuccessful bidder at the address provided by bidder in Section 23 within 10 business days of the date that the bid is rejected. The Successful Bidder’s Bid Deposit shall be nonrefundable except in the event of a default by SAWS under this Agreement or as provided in Section 11, but shall be applied to the Bid Price (as defined in Section 23 below) at Closing (as defined in Section 13 below), if and only if Closing occurs hereunder.
Appears in 6 contracts
Samples: Purchase Agreement and Bidding Instructions, Purchase Agreement and Bidding Instructions, Purchase Agreement
