Captain's View Subdivision Asphaltic Paving Questions, inquiries, suggestions, or requests concerning interpretation, clarification or additional information concerning any portion of this ITB must be made by email, sent to Peter Gulbronson peter.gulbronson@cityoftybee.org State Licensing Board for General Contractors: If applicable, pursuant to Georgia law, any bidder must be a Georgia licensed General Contractor (Contractor work or activity that is unlimited in scope regarding any residential or commercial projects). Bid Surety: Each bid must be accompanied by a Bid Bond, issued by a surety company licensed to do business under the laws of the State of Georgia, and satisfactory to the City of Tybee Island in the amount of five percent (5%) of the total contract amount to ensure the bidder will enter into the contract as per bid. Performance Bond: Prior to the Agreement being signed, the Contractor shall furnish to the City of Tybee Island a Performance Bond issued by a surety company licensed to do business under the laws of the State of Georgia and satisfactory to the City of Tybee Island in the amount of one-hundred-percent (100%) of the total contract amount to ensure the Contractor's satisfactory performance. Payment Bond: Also prior to the Agreement being signed, the Contractor shall furnish to the City of Tybee Island a Payment Bond issued by a surety company licensed to do business under the laws of the State of Georgia and satisfactory to the City of Tybee Island in the amount of one-hundred-percent (100%) of the total contract amount to ensure the Contractor's satisfactory payment of subcontractors and material suppliers. Liquidated Damages: Owner and Contractor recognize that time is of the essence of this Agreement and that the owner will suffer financial loss if the work is not completed within the times specified in the contract, plus any extensions thereof allowed. Contract will be completed within 90 days from the Notice of Award. The parties also recognize the damages or loss caused by the failure to complete the work on time is difficult or impossible to accurately estimate, and the parties hereby stipulate that the sum of Five Hundred Dollars ($500) per day is a reasonable pre-estimate of the probable damages or loss incurred by Owner for delay in completion of construction. Accordingly, Owner and Contractor agree that as liquidated damages for delay, Contractor shall be liable to Owner for the sum of Five Hundred dollars ($500.00) for each day that the work is not completed as specified in the contract and that this amount of liquidated damages is intended to solely provide for damages incurred by Owner and not as a penalty to Contractor. The City retains the right to use any or all ideas presented in any response to this ITB, whether amended or not. Selection or rejection of the bid does not affect this right.