Section 17 AAC 42.306 - Bid deposit(a) The airport manager may require that each bidder submit with the bidder's sealed bid a deposit in an amount and form the manager determines appropriate to ensure that the successful bidder will execute the lease, permit, or concession. The deposit amount may not exceed the manager's estimate of one year's rents and fees payable under the lease, permit, or concession to be awarded. The manager shall specify in the invitation to bid the deposit amount and form and how the deposit will be applied.(b) If the successful bidder does not within the required time sign the lease, permit, concession, or any other required document or perform any other requirement contained in the invitation to bid, the bidder forfeits the deposit as liquidated damages for the lost benefit to and related additional costs incurred by the department. However, the bidder does not forfeit the deposit if the airport manager finds that the bidder's failure is excused by extraordinary circumstances beyond the bidder's control. After the manager has awarded and executed the lease, permit, or concession, the manager shall return the deposit of each unsuccessful bidder. The manager shall return all bid deposits if the manager rejects all bids or cancels the invitation to bid.Eff. 1/14/2001, Register 157Authority:AS 02.15.020
AS 02.15.060
AS 02.15.070
AS 02.15.090