(a) Each person bidding for the work shall deposit with the treasurer of the board of directors in cash or certified check a sum equal to ten percent (10%) of the amount of the bid, not in any event, however, to exceed ten thousand dollars ($10,000).

Terms Used In Tennessee Code 54-12-309

  • Contract: A legal written agreement that becomes binding when signed.
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
(b) The deposit shall be returned to the bidder if the bid is not successful, or, if successful, to be retained as a guarantee only of the bidder’s good faith in entering into the contract.
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