David Draper

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Like many states, Tennessee law requires that a contractor performing work on a state or local project having a contract price of $100,000 or more to post a bond to secure the contractor’s payment for all the labor and materials used by the contractor, or any immediate or remote subcontractor under the contractor. T.C.A. §12-4-201. The purpose of the bond is to afford protection to both the government owner, as well as furnishers of…