The successful bidder shall be required to execute a bond, with sufficient corporate surety or personal sureties, payable to the county, for the use and benefit of the district, in an amount equal to twenty-five percent (25%) of the estimated cost of the work so let, or may deposit such amount in cash with the treasurer of the board of directors as security for the performance of the contract, and upon the execution of such bond or the making of such deposit, the deposit originally made with the bid shall be returned to the bidder.
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