Tennessee § 69-5-704 Deposits by bidders

Tennessee Statutes

§ 69-5-704 — Deposits by bidders

Tennessee § 69-5-704

Title69

This text of Tennessee § 69-5-704 (Deposits by bidders) 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. § 69-5-704 (2026).

Text

Each person bidding for such 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), or file a solvent bond for that amount conditioned to execute the contract if entered into. The deposit or bond shall be returned to the person if the bid is not successful; if the bid is successful, the deposit or bond shall be retained as a guarantee only of the person's good faith in entering on the contract.

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Each person bidding for such 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), or file a solvent bond for that amount conditioned to execute the contract if entered into. The deposit or bond shall be returned to the person if the bid is not successful; if the bid is successful, the deposit or bond shall be retained as a guarantee only of the person's good faith in entering on the contract.