At the time and place named in the notice for proposals to contractors, the municipal governing body shall examine all bids received. Without unnecessary delay, the governing body shall award the contract to the lowest and best bidder, who will perform the work and furnish the materials which have been selected, and perform all the conditions imposed by the governing body, as prescribed in the resolution ordering the improvement and notice for proposals. The aggregate amount of the contract shall not exceed the aggregate estimate of cost submitted by the engineer for the improvement, and in the event of any excess in cost over the engineer's estimate, the excess shall be void and no assessments for such excess may be levied. The governing body shall have the right to award a contract for all or a portion of the improvement or to reject any or all bids, and to readvertise for other bids when any bids are not, in its judgment, satisfactory. The letting of the contract shall not be complete until the contract is duly executed and the bonds approved.
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