ยง102-10 - Modification of contract terms.
ยง102-10ย Modification of contract terms.ย
If during the term of the contract (including contracts which have been
executed and are presently in force) there has been a reduction of fifteen per
cent or more in the volume of business of the concessionaire for a period of
sixty days or more, computed on the average monthly gross income for the
eighteen months just prior to the period or as long as the concessionaire has
been in the business, whichever period is shorter, and such reduction as
determined by the officer letting the contract is caused by construction work
conducted during the period of time on, or within or contiguous to, the public
property upon which the concession is located by either the state or county
governments, or both, the officer, with the approval of the governor in the
case of a state officer and the chief executive of the respective county in the
case of a county officer, may modify any of the terms of the contract,
including the agreed upon rent, for a period which will allow the concessionaire
to recoup the amount lost by such reduction; provided that if the contract
includes provisions allowing modification for the above contingencies, this
section shall not be applicable thereto; provided further that this provision
shall not apply to any particular concession if the application thereto may
impair any contractual obligations with bondholders of the State or counties or
with any other parties. [L 1963, c 93, ยง5; Supp, pt of ยง7B-8; HRS ยง102-10]