Tennessee Code 12-2-206 – Rejection of bids – Readvertisement
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Terms Used In Tennessee Code 12-2-206
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
Any and all bids received by the chief procurement officer for any of the property to be sold hereunder may be rejected by the chief procurement officer, and the property may be readvertised for sale when, in the opinion of the chief procurement officer, no bid had been received commensurate with the fair market value of the property offered for sale.