HRS §103-32.2
Using bonds to get back withheld money
This section lets a public contract allow a contractor to get back money that was held back from payments. To do this, the contractor must give the procurement officer a government bond worth at least the amount being withdrawn. The officer can ask for a bond worth more than that amount.
contractorsstate agencies
The statute, as written — Substitution of retainage
Any other law to the contrary notwithstanding, any public contract may provide that the procurement officer may enter into an agreement with the contractor which will allow the contractor to withdraw from time to time the whole or any portion of the sum retained under section 103-32.1 upon depositing with the procurement officer any general obligation bond of the State or its political subdivisions with a market value not less than the sum to be withdrawn; provided that the procurement officer may require that the total market value of such bond be greater than the sum to be withdrawn.
Sections this one refers to
§103-32.1 Rules for holding back money from contractors and subcontractors
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