Tennessee § 54-12-309 Deposit of bidders required

Tennessee Statutes

§ 54-12-309 — Deposit of bidders required

Tennessee § 54-12-309

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This text of Tennessee § 54-12-309 (Deposit of bidders required) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 54-12-309 (2026).

Text

(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).

(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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(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). (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.