FAILURE TO EXECUTE CONTRACT. In the event of failure of the successful bidder to execute the contract and furnish any required security, within ten (10) days after notice of the award of the contract, the deposit of the successful bidder or so much thereof as shall be applicable to the amount of the award made shall be retained by the City, and the successful bidder shall be liable for and hereby agrees to pay on demand the difference between the price bid and the price for which such contract shall be subsequently awarded, including the cost of any required reletting and less the amount of such deposit. No plea of mistake in such accepted bid shall be available to the bidder for the recovery of the deposit or as a defense to any action based upon such accepted bid.
Appears in 2 contracts
Samples: Closed Captioning Services Agreement, Invitation for Bids and Agreement
FAILURE TO EXECUTE CONTRACT. In the event of failure of the successful bidder to execute the contract and furnish any required securitysecurity and insurance, within ten (10) days after notice of the award of the contract, the deposit of the successful bidder or so much thereof as shall be applicable to the amount of the award made shall be retained by the City, and the successful bidder shall be liable for and hereby agrees to pay on demand the difference between the price bid and the price for which such contract shall be subsequently awardedrelet, including the cost of any required such reletting and less the amount of such deposit. No plea of mistake in such accepted bid shall be available to the bidder for the recovery of the deposit or as a defense to any action based upon such accepted bid.
Appears in 2 contracts
Samples: Maintenance and Repair Agreement, Procurement Agreement
