§ 36-7-302 — Guaranty; forfeiture

The board shall have authority to prescribe that each request
and proposal shall be accompanied by a certified check in an
amount to be designated by the board, the same to be held as a
guarantee of the execution of the contract with the state in
accordance with its terms by the parties submitting such
proposals, in case of the approval of the same and selection of
the land by the board and to be forfeited to the state in case
of failure of said parties to enter into a contract with the
state in accordance with the provisions of this act.