Failure of a bidder to complete a contract, bid, or purchase order in the specified time agreed on, or failure to provide the service, materials, or supplies required by such contract, bid, or purchase order, or failure to honor a quoted price on services, materials, or supplies on a contract, bid, or purchase order may result in one or more of the following actions:

• Removal of a vendor from bid list for a period to be determined by the governing body.
• Allowing the vendor to find the needed item for the city from another supplier at no additional cost to the city.
• Allowing the city to purchase the needed services, materials, or supplies from another source and charge the vendor for any difference in cost resulting from this purchase.
• Allowing monetary settlement.