Tennessee Code 54-12-317 – Contractor’s failure to perform on contract forfeits cash deposit or gives recovery on bond
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 54-12-317
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
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.