Common use of SECURITY FORFEITURE Clause in Contracts

SECURITY FORFEITURE. When Bid security has been required (Section 2, Paragraph h.): If, within ten (10) days after notification by the County of the County's approval to award Contract, the successful Bidder 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 Bidder'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 Bid or misunderstanding of the conditions of forfeiture shall be available to the Bidder for the recovery of his Bid security or as a defense to any action.

SECURITY FORFEITURE. When Bid security has been required (Section 2required, Paragraph h.): If, if within ten (10) days after notification by the County of the County's approval to award the Contract, if the successful Bidder 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 Bidder's 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 Bid or misunderstanding of the conditions of forfeiture shall be available to the Bidder Respondent for the recovery of his Bid security or as a defense to any action.

SECURITY FORFEITURE. When Bid security has been required (Section 2, Paragraph h.): If, within ten (10) days after notification by the County of the County's approval to award a Contract, the successful Bidder 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 Bidder'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 Bid or misunderstanding of the conditions of forfeiture shall be available to the Bidder for the recovery of his Bid security or as a defense to any action.