Each person bidding for such work shall deposit with the treasurer of the board of directors in cash or certified check a sum equal to ten percent (10%) of the amount of the bid, not in any event, however, to exceed ten thousand dollars ($10,000), or file a solvent bond for that amount conditioned to execute the contract if entered into. The deposit or bond shall be returned to the person if the bid is not successful; if the bid is successful, the deposit or bond shall be retained as a guarantee only of the person's good faith in entering on the contract.
Structure 2021 Tennessee Code
Title 69 - Waters, Waterways, Drains and Levees
Chapter 5 - Drainage and Levee Districts
Part 7 - Construction and Maintenance by Districts
§ 69-5-701. Contracts for Improvements
§ 69-5-703. Contracts Let to Lowest Bidders — Rejection of Bids and Readvertisement
§ 69-5-704. Deposits by Bidders
§ 69-5-705. Bond or Deposit of Contractor — Return of Bid Deposit
§ 69-5-706. Forfeiture of Deposit and Action for Breach of Contract
§ 69-5-709. Monthly Estimates of Work and Payments Thereon
§ 69-5-710. Warrant for Balance Due Upon Completion of Work
§ 69-5-711. Warrants — Manner of Drawing and Payment
§ 69-5-713. Bridges Built by County Across Public Highway
§ 69-5-714. Use of Ditch or Watercourse by Assessed Landowner
§ 69-5-715. Use by Landowner Subject to Control of District Directors
§ 69-5-716. Control of Discharge of Creek or Branch Into Main Ditch or Drain
§ 69-5-717. Application by Owner to Use Ditch or Drain — Designation of Use
§ 69-5-720. Appeal From Action of Directors to Circuit Court — Bonds
§ 69-5-721. Continuation of Work Pending Appeal
§ 69-5-722. Collection of Assessments — Separate Fund
§ 69-5-723. Improvements May Be Limited to What Parties Desire