A. Notice of the award of contract shall be published twice in a daily newspaper or once in a weekly or semiweekly newspaper, published and of general circulation in the county within which the district is located.

B. At any time within fifteen days from the date of the first publication, any person having an interest in a lot liable to assessment, claiming that any of the previous acts or proceedings relating to the improvement are irregular, illegal or faulty, may file with the clerk a written notice specifying in what respect the acts and proceedings are irregular, illegal or faulty, and all objections to any act or proceeding which are not made prior to the notice of award shall be waived, except as to matters directly affecting the authority of the board of directors. If the board of directors finds any objection well taken, it may abandon the proceedings, or correct or modify any portion thereof, and proceed as in the first instance.

C. Within twenty days after the date of the first publication, if no objections have been filed, the successful bidder shall enter into a contract to make the improvement according to his bid. If objections are filed but are rejected by the board of directors, the contract shall be entered into within five days after receiving notice from the clerk of such rejection. If the bidder fails to enter into the contract within such period, then the board of directors without further proceedings shall again advertise for bids as in the first instance, and the bidder shall be liable upon his bond accompanying the bid for all costs and damages incurred and sustained by reason of the failure to enter into the contract.