Tennessee § 69-5-704 - Deposits by bidders.
Full text of Tennessee Tennessee Code Annotated § 69-5-704 — Deposits by bidders., with citation guidance and answers to common questions.
§ 69-5-704. Deposits by bidders.
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. Acts 1909, ch. 185, § 19; Shan., § 3871a85; Acts 1921, ch. 144, § 2; mod. Code 1932, § 4313; T.C.A. (orig. ed.), § 70-1210; T.C.A. § 69-6-704 .
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 69-5-704
What does Tennessee Code Annotated § 69-5-704 cover?
Section 69-5-704 ("Deposits by bidders.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 69-5-704?
A common citation format is "Tennessee Code Annotated § 69-5-704" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 69-5-704 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.