Common use of SECURITY FORFEITURE Clause in Contracts

SECURITY FORFEITURE. When Bid security has been required, if within ten (10) days after notification by the County of the County's approval to award the Contract the successful Respondent refuses or otherwise neglects to execute the required written Contract and fails to furnish the required Performance Bond and Payment Bond, the amount of the Respondent’s Bid security (Cashier's Check or Bid Bond) shall be forfeited and the same shall be retained by the County. No plea of mistake in the offer or misunderstanding of the conditions of forfeiture shall be available to the Respondent for the recovery of Bid security or as a defense to any action.