(a) On the date designated in the public notice, the sealed bids shall be publicly opened.
(b) (1) The regents shall accept in public the bid that offers the combination of price and terms which it deems to be in the best interest of the university, or reject all bids.
(2) If a successful bidder fails to perform in the manner specified, the regents may, at their sole option and without further notice, accept, from those remaining bids submitted and opened in public pursuant to subdivision (a), the bid that offers the combination of price and terms that the regents deem to be in the best interest of the university.