Section 54-12-309 - Deposit of bidders required(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.Acts 1919, ch. 193, § 75; Shan. Supp., § 1682a89; Code 1932, § 2903; T.C.A. (orig. ed.), § 54-1509.