§ 66-34-501. Payment to Architect or Engineer — Governing Provisions
An architect or engineer furnishing design or contract administration services to an owner, prime contractor, or remote contractor for the improvement of real property is entitled to payment in accordance with part 2 of this chapter, if the architect or engineer contracts in writing with the owner; or in accordance with part 3 of this […]
§ 66-34-601. Interest
Any payment not made in accordance with this chapter accrues interest, from the date due until the date paid, at the rate of interest for delinquent payments provided in written contract or, if no interest rate is specified in a written contract, then one and one-half percent (1.5%) per month.
§ 66-34-602. Nonpayment — Notice of Intent to Seek Relief Under Chapter — Remedies — Attorney’s Fees — Bond
A prime contractor who has not received payment from an owner, or a remote contractor who has not received payment from a prime contractor or other remote contractor, in accordance with this chapter, or any prime contractor or remote contractor that intends to seek to recover funds as permitted by § 66-34-205 and this section, […]
§ 66-34-603. Additional Rights of Prime Contractors and Remote Contractors — Reasonable Assurances
In addition to any rights provided for under any contract: Prior to visible commencement of operations, and upon written request by a prime contractor, the owner shall furnish a prime contractor reasonable evidence the owner has procured a loan, which may be secured by a mortgage or other encumbrance, or has otherwise made financial arrangements […]
§ 66-34-701. Prohibited Waiver — Applicability of Provisions
As a matter of public policy, except as specifically noted, compliance with §§ 66-11-104, 66-34-205, 66-34-304, 66-34-602, and 66-34-603 may not be waived by contract and these sections are applicable to all private contracts and all construction contracts with this state, any department, board, or agency thereof, including the University of Tennessee, all counties and […]
§ 66-34-702. Construction or Home Improvement Contracts
This chapter shall not apply to contracts for the construction of, or home improvement to, any land or building, or that portion thereof which is used or designed to be used as a residence or dwelling place for one (1), two (2), three (3) or four (4) single family units.
§ 66-34-703. Applicability of Chapter
This chapter does not apply to any bank, savings bank, savings and loan association, industrial loan and thrift company, other regulated financial institution, or insurance company. Notwithstanding subsection (a), if a bank, savings bank, savings and loan association, industrial loan and thrift company, other regulated financial institution, or insurance company acts in the capacity of […]
§ 66-34-704. Agreement Limiting Liability of Person Furnishing Labor, Materials, or Services
Without limiting any existing law or regulation, it is not against the public policy or public interest of this state for a provision in any agreement relating to the design, planning, supervision, observation of construction, repair, or construction of an improvement to real property to limit the liability of the person furnishing the labor, materials, […]
§ 66-34-204. Payment of Retainage by Owner
When an owner: Has received a use and/or occupancy permit for an improvement from a governmental agency lawfully issuing such permit; Has received a certificate of substantial completion from an architect or engineer charged with supervision of the construction of an improvement; or Begins to use or could have begun to use an improvement; the […]
§ 66-34-205. Sums Intended as Payment to Be Held in Trust
Any sums allocated by the owner or provided or committed to the owner by a third party that are intended to be used as payment for improvements made to real property by virtue of a written contract between the owner and the prime contractor must be held by the owner or third party in trust […]