The successful bidder shall execute a bond to the city or town, in an amount equal to fifty percent (50%) of the entire contract price of the improvement, conditioned that the party shall well and truly perform all of the terms and conditions of the contract, in a good and workmanlike manner, and in accordance with the plans and specifications, which shall form part of the contract, and shall indemnify and hold the city harmless from all losses, costs, and expenses that it may sustain by reason of any negligence or default of such contractor.
Structure 2021 Tennessee Code
Title 7 - Consolidated Governments and Local Governmental Functions and Entities
Chapter 32 - Improvements by Special Assessment
§ 7-32-102. Ordinance for Improvement
§ 7-32-103. Filing of Documents
§ 7-32-104. Appointment of Time to Hear Objections
§ 7-32-105. Notice of Ordinance and Hearing of Objections
§ 7-32-106. Hearing of Objections — Final Action on Ordinance
§ 7-32-107. Undertaking Work — Construction Contract
§ 7-32-108. Security Required of Bidders
§ 7-32-109. Rejection of Bids — Rebidding
§ 7-32-110. Contractor's Performance Bond
§ 7-32-111. Costs Borne by Railway
§ 7-32-112. Replacement of Railway Rails
§ 7-32-113. Ascertainment of Railway's Intent
§ 7-32-114. Deduction of Cost Payable by Railway
§ 7-32-117. Apportionment of Cost of Intersection Improvements
§ 7-32-118. Property Owners Bearing Entire Cost
§ 7-32-119. Costs of Improvements
§ 7-32-122. Filing Objections to Assessments
§ 7-32-123. Hearing on Assessments and Objections
§ 7-32-127. New Assessment to Replace Assessment Set Aside
§ 7-32-128. Correction of Errors
§ 7-32-130. Entries in Assessment Book — Copies
§ 7-32-132. Warrant for and Payment of Assessments
§ 7-32-135. Payment Date Without Installment Contract
§ 7-32-137. Default in Installment Payments
§ 7-32-139. Purchase by City — Resale by City
§ 7-32-140. Power to Borrow and Pay for Improvements