Tennessee Code 62-6-129 – Bid bonds
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Terms Used In Tennessee Code 62-6-129
- Board: means the state board for licensing contractors created pursuant to §. See Tennessee Code 62-6-102
- Contract: A legal written agreement that becomes binding when signed.
- Contracting: means any person or entity that performs or causes to be performed any of the activities defined in subdivision (4)(A) or (7). See Tennessee Code 62-6-102
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
In addition to any applicable requirement of § 12-4-201, no contract for the services of a construction manager shall be awarded for any public work in this state by any city, county or state authority or any board of education unless there is posted at the time of the submittal of a proposal for services by a construction manager a bid bond equal to ten percent (10%) of the value of the services proposed and the value of the work to be managed or may at the time of contracting provide payment and performance bonds in amounts equal to the combined monetary value of the services of the construction manager and the value of the work to be so managed.