Tennessee Code 69-5-706 – Forfeiture of deposit and action for breach of contract
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 69-5-706
- 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 an improvement district has been let fails to perform the work according to the terms specified in the contract, then the cash deposited by the person shall be forfeited for the benefit of such 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 such bond for the use of the district, and the damage on judgment for the damages collected and paid into the fund of the district.