Common use of Bid Security Return for Successful Bid Clause in Contracts

Bid Security Return for Successful Bid. Upon the execution of the Contract and approval of the Performance and Payment Securities, the Bid Security shall be returned to the successful bidder. Should the successful bidder fail or refuse to execute the Contract or furnish the required Performance and Payment Securities within the stipulated time, the Bid Security shall be due and paid to the City and the City shall be entitled to collect the Bid Security. In addition, the City may pursue any and all other remedies available to it at law or in equity against said bidder.