HRS §102-8
Using a surety bond instead of a deposit for bids
This section lets a bidder give a surety bond instead of the deposit normally required. The bond must be from an approved company and cover the same amount. If the bidder wins, they must sign the contract and provide security within the allowed time.
businessescontractorsstate agencies
The statute, as written — 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.
Sections this one refers to
§102-6 Bid deposits
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.