1. (1) A joint venture provides a means by which licensed contractors may combine their monetary limitations in order to undertake a larger project than each would otherwise be able to perform as separate contractors. No contractor may participate in a joint venture unless:

   1. (a) He is licensed in a classification which is a necessary and integral part of the total project; and
   2. (b) The monetary limitation on such classification is equal to or greater than the portion of the total cost of the project involving that classification.

Authority: T.C.A. § 62-609. Administrative History: Original rule filed July 22, 1974; effective August 21, 1974. Repeal and new rule filed January 20, 1977; effective February 19, 1977. Amendment filed May 19, 1980; effective July 3, 1980.