If any person to whom the work, or any portion of the work, in the improvement district has been let fails to perform the work according to the terms specified in the contract, then the cash deposit shall be forfeited for the benefit of the district and be paid into its fund; or if bond has been given by the contracting party so failing, then recovery of the damages sustained may be had by suit in the name of the payee in the bond for the use of the district, and the damage or judgment collected and paid into the fund of the district.
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