9-Exhibit G Bid Surety.pdf

This is a Bid Surety exhibit document for Invitation for Bid (IFB) 2026-11 issued by the Town of Hilton Head Island, South Carolina, for the Historic Mitchelville Freedom Park Loop Road and Parking Area project. The document establishes the bid surety requirement as a condition of bidding, specifying that the selected contractor must execute a contract and provide both performance and payment bonds within ten (10) business days from the commencement date of the executed contract. The bid surety amount is set at five (5) percent of the total amount bid, with the specific dollar amount to be filled in by the bidder. The surety may be submitted in the form of a bid bond, and the document includes signature lines for the company representative, date, printed name, title, and witness.

Failure to execute the contract as required will result in forfeiture of the bid surety amount to the Town of Hilton Head Island as liquidated damages for nonperformance. This bid surety requirement protects the municipality's interests by ensuring bidders are committed to contract execution and that performance and payment bonds will be timely secured upon award. The document structure allows for flexibility in the specific surety amount, which will be calculated based on each bidder's total proposal amount.