11 chapters · 450 sections in this title.
Tenn. Code Ann. § 69-5-703 Contracts let to lowest bidders — Rejection of bids and readvertisement
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The board of directors shall award contract or contracts for each section of the work to the lowest responsible bidder or bidders for the contract, or it may award the contract as a whole to the lowest responsible bidder, exercising its own discretion as to letting the work as a …
Tenn. Code Ann. § 69-5-704 Deposits by bidders
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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 …
Tenn. Code Ann. § 69-5-705 Bond or deposit of contractor — Return of bid deposit
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The successful bidder shall be required to execute a bond, with sufficient corporate surety or personal sureties, payable to the county, for the use and benefit of the district, in an amount equal to twenty-five percent (25%) of the estimated cost of the work so let, or may depos…
Tenn. Code Ann. § 69-5-706 Forfeiture of deposit and action for breach of contract
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If any person to whom the work, or any portion of the work, in an improvement district has been let fails to perform the work according to the terms specified in the contract, then the cash deposited by the person shall be forfeited for the benefit of such district and be paid in…