62-6-129. Bid bonds.

*** Current through the 2015 Regular Session ***

Title 62  Professions, Businesses and Trades  
Chapter 6  Contractors and Contracting  
Part 1  General Provisions

Tenn. Code Ann. § 62-6-129  (2016)

62-6-129.  Bid bonds. 

  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.

HISTORY: Acts 1995, ch. 342, § 1.

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This Page Last Updated: July 28, 2016 at 11:31 am