26.4 Bidder's deposit; forfeiture. Sec. 4. Each bidder shall deposit with the state treasurer before making his proposal a certified check for the sum of 1,000 dollars which is to be forfeited to the state in case he shall fail to enter into a contract in accordance with this act if said board shall declare him to be the successful bidder, and he shall take a receipt from said treasurer and deposit it with his proposal. History: 1927, Act 385, Eff. Sept. 5, 1927 ;-- CL 1929, 526 ;-- CL 1948, 26.4
Michigan Legal Code