"Construction Loan Agreements and Variations" is a American Lawyer Media form. This form is to be used as a construction loan agreement.
Tennessee Construction Loan Agreements and Variations
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Multi-State
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US-CLA198
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FAQ
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 state of Tennessee's statute of limitations for basic negligence regarding new construction is three years from the date of completion and provides one extra year of repose should you discover a problem with your new construction in the third year of your ownership (TCA §28-3-105).
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.
During the construction phase of the project, borrowers will typically make interest-only payments on the loan. The repayment of the loan usually takes place when construction is complete, and a traditional mortgage replaces the construction loan.
Categorizing loan agreements by type of facility usually results in two primary categories: term loans, which are repaid in set installments over the term, or. revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.
Before beginning work on any project, the Truth in Construction and Consumer Protection Act previously required a contractor to deliver a written notice to the owner it was about to begin improvements and there would be a lien on the property to secure payment.
The state deals with deceptive trade practices under the Consumer Protection Act (?Act?), provided in Title 47, Chapter 18 of the Tennessee Code. Section 47-18-104 of the Act prohibits unfair or deceptive practices, which includes false and fraudulent advertising, in the state.