When deemed necessary by the city council, bid deposits shall be prescribed in the public notices inviting bids. Unsuccessful bidders shall be entitled to the return of their bid deposit upon the award of the contract by the city council. A successful bidder shall forfeit any bid deposit required by the city council upon failure of the successful bidder to enter into a contract with the city within ten days after the award, owing to the fault or neglect of the successful bidder. (Ord. 977 § 1 (part), 1992: prior code § 2-4-8(E))