§102-8 Bond may be substituted for deposits. In lieu of the deposits prescribed by section 102-6, a bid may be accompanied by a surety bond executed to the officer calling for bids by the bidder as principal and by any corporation organized for the purpose of becoming surety on bonds, authorized under the laws of the United States or of the State to act as surety and doing business in the State under the laws of the United States or of the State, if a foreign corporation, and under the laws of the State, if a Hawaii corporation, as surety, in a penal sum of equal amount, conditioned upon the bidder entering into the contract and furnishing satisfactory security within ten days after the award or within any further time as the officer may allow, if the bidder is awarded the contract. [L 1959, c 245, §7; Supp, §7B-7; HRS §102-8; am L 1990, c 345, §3; am L 1992, c 274, §3]
Structure Hawaii Revised Statutes
Title 9. Public Property, Purchasing and Contracting
102. Concessions on Public Property
102-2 Contracts for concessions; bid required, exception.
102-3 Qualification of bidders.
102-5 Bids; opening; rejection.
102-6 Deposits of legal tender, etc., to accompany bid.
102-7 Forfeiture of deposits, return thereof.
102-8 Bond may be substituted for deposits.
102-9 Contracts to be in writing; highest responsible bidder.
102-10 Modification of contract terms.
102-11 Security for performance; conditions.
102-12 Surety on bond; justification.
102-13 Amendment of contracts, when authorized.
102-14 Use of public buildings by blind or visually handicapped persons.