Forfeiture of Bonds. 72.1 NI shall be entitled to forfeit any Bond, Bonds or any part thereof in any of the following events:
Forfeiture of Bonds. If the successful Bidder refuses or neglects to execute an Agreement or fails to furnish the required certificate of insurance and Performance and Payment Bond or other documents required by the City within fifteen (15) calendar days of the City’s notice that the Bidder has been selected as the successful Bidder and prior to presentation to the Airport Commission, the Bid Bond submitted with the Bid shall be forfeited by the Bidder and retained by the City as liquidated damages. No plea by the Bidder of error or mistake in its Bid or change in circumstances shall be available to the Bidder as a basis for the recovery of its Bid Bond. The City, in its sole and absolute discretion, may then award the Bid to the responsive and qualified Bidder submitting the next highest and best Bid, who shall be subject to the same procedures, requirements, and timetables as provided herein. If that selected Xxxxxx also refuses to or neglects to execute an Agreement or fails to furnish the required certificates, bonds or other documents required by the City, the City, in its sole and absolute discretion, may award the Bid to the responsive and qualified Bidder submitting the next highest and best Bid, who shall be subject to the foregoing provisions and so on, as determined by the City in its sole and absolute discretion.
Forfeiture of Bonds. 21.10.1 The CTA shall be entitled to collect on any Bond, Bonds or any part thereof:
