The successful bidder shall be required to execute a bond, with sufficient sureties, payable to the county, for the use and benefit of the improvement district, in an amount equal to twenty-five percent (25%) of the estimated cost of the work, so let or that amount may be deposited in cash with the treasurer of the board of directors as security for the performance of the contract, and upon the execution of the bond or the making of the deposit, the deposit originally made with the bid shall be returned.
Structure 2021 Tennessee Code
Title 54 - Highways, Bridges and Ferries
Chapter 12 - Road Improvement Districts
§ 54-12-303. Successors of Directors — Appointment
§ 54-12-310. Bond or Cash Deposit Required of Successful Bidders
§ 54-12-312. Bond Required of Engineer
§ 54-12-313. Compensation of Engineers
§ 54-12-315. Warrant to Contractor for Balance Due on Completion of Work