Tennessee Bond to Secure against Defects in Construction
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How to fill out Bond To Secure Against Defects In Construction?
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FAQ
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.