Legal Documents of Dandridge

When deemed necessary, bid deposits may be prescribed and noted in the public notices requesting bids. The deposit shall be in such amount as the purchasing agent shall determine and unsuccessful bidders shall be entitled to return of the deposits when a deposit has been required. A successful bidder shall forfeit any required deposit upon failure on their part to enter into a contract within ten (10) days after the award. (1995 Code, § 5-415)