Tennessee Bond to Secure against Defects in Construction, also known as a construction defect bond, is a type of surety bond required by the state of Tennessee to protect property owners and consumers against potential defects in construction projects. This bond ensures that contractors and construction professionals adhere to building codes, regulations, and industry standards, providing a secure foundation for the completed structure. Construction defects can range from issues with the foundation, roof, plumbing, electrical systems, to any other construction-related problems that arise due to poor workmanship, design errors, or faulty materials. To safeguard against such defects, the Tennessee Bond to Secure against Defects in Construction holds the contractor accountable and provides financial protection for property owners. By obtaining this bond, contractors guarantee that they will complete construction projects in compliance with all applicable laws, regulations, and specifications. In the event that defects are discovered within a specific timeframe after project completion, property owners can file a claim against the bond to recover damages and necessary repairs. There are different types of Tennessee Bonds to Secure against Defects in Construction that cater to specific types of projects: 1. Residential Construction Bond: This bond is required for contractors or builders involved in residential construction projects, ensuring that the completed homes or residential structures are free from defects. It provides protection for homeowners against faulty workmanship, structural flaws, or code violations. 2. Commercial Construction Bond: Designed for contractors undertaking commercial construction projects, this bond guarantees that the completed buildings meet the highest standards of quality and are free from defects that could impact their functionality or safety. It safeguards commercial property owners or developers against any financial loss caused by construction defects. 3. Public Works Construction Bond: Required for contractors working on publicly funded construction projects, this bond provides assurance that the project will be completed in compliance with all applicable laws, codes, and regulations. It ensures that the public infrastructure, such as roads, bridges, or government buildings, are defect-free and safe for public use. Obtaining a Tennessee Bond to Secure against Defects in Construction is crucial to protect both property owners and contractors. It serves as a means of accountability, ensuring that construction professionals deliver high-quality work and rectify any defects that arise within the specified time period. This bond is an essential tool in maintaining the integrity and safety of construction projects throughout the state of Tennessee.
Tennessee Bond to Secure against Defects in Construction
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In Tennessee, construction defect cases are subject to a statute of repose of four years. Generally speaking, except in cases of fraudulent concealment, a construction defect claim is barred, regardless of when the defect is discovered, if not brought within four years of substantial completion of the improvement.
Property § 66-34-103. (a) All construction contracts on any project in this state, both public and private, may provide for the withholding of retainage; provided, however, that the retainage amount may not exceed five percent (5%) of the amount of the contract.
The prompt payment provisions on public projects act as default pay periods if the contract is silent on the issue. Payment from the public entity must be made within 45 days from the receipt of the prime contractor's invoice, barring any good faith dispute as to performance.
Section 39-14-105 - Grading of theft (a) Theft of property or services is: (1) A Class A misdemeanor if the value of the property or services obtained is one thousand dollars ($1,000) or less, except when the property obtained is a firearm; (2) A Class E felony if the property obtained is a firearm worth less than two ...
Tennessee law also provides for an implied warranty of merchantability in construction projects. The idea behind this warranty is to recognize that buyers of a newly constructed home or building have a legitimate expectation that the materials used and building process will meet a certain standard.
For example, Tennessee's statute of repose states that the owner must bring an action against the contractor or other construction professional within four years of the date of substantial completion.