If the successful bidder, within ten days after the acceptance of the bid or such further time as the board may grant, does not execute a contractor’s bond and a contract for the completion of the work described in the bid, the board may cause the work to be done, or it may contract with some other contractor to do or complete the work. In that case, the district may recover in a suit on the defaulting bidder’s bond the difference between the actual cost to the district of the improvements and the sum that it would have cost if the defaulting bidder had complied with the bidder’s bid.