Section 17.42.336. Registration deposit.

	(a)  The airport manager may require that a person may register to bid at an auction only after submitting at the bidder registration a registration deposit in an amount and form the manager determines appropriate to ensure that the successful bidder executes 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 auction documents 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 of the auction documents, 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 lease, permit, or concession has been awarded and executed, the manager shall return the deposit of any unsuccessful bidder. The manager shall return all deposits if the manager rejects all bids or cancels the auction.  

Authorities

02.15.020;02.15.060;02.15.070;02.15.090

Notes

Authority

AS 02.15.020 AS 02.15.060 AS 02.15.070 AS 02.15.090

History

Eff. 1/14/2001, Register 157