Common use of FAILURE TO EXECUTE CONTRACT Clause in Contracts

FAILURE TO EXECUTE CONTRACT. ‌ Failure to execute and return a Contract and file acceptable bonds and insurance as provided herein within ten (10) working days after the Bidder has received notice that the Contract has been awarded, shall be just cause for the annulment of the award and the forfeiture of the Bidder's guaranty to the City. Upon the failure or refusal of the successful Bidder to execute and return the contract and file acceptable bonds and insurance, the award may be made to the second lowest responsible Bidder, and should he fail or refuse to execute and return the Contract and file acceptable bonds and insurance, the award may be made to the third lowest responsible Bidder. On failure or refusal of the second or third lowest responsible Bidder to whom the Contract is awarded to execute and return the Contract and file acceptable bonds and insurance, their Bidder's guaranty shall be likewise forfeited to the City.