§102-6  Deposits of legal tender, etc., toaccompany bid.  (a)  All bids shall be accompanied by a deposit of legaltender or by a certificate of deposit, share certificate, cashier's check,treasurer's check, teller's check, or official check drawn by, or a certifiedcheck accepted by, a bank, savings institution, or credit union insured by theFederal Deposit Insurance Corporation or the National Credit UnionAdministration, in a sum not less than five per cent of the amount bid, payableat sight or unconditionally assigned to the officer advertising for tenders;provided that when the amount bid exceeds $50,000, the deposit shall be in asum not less than $2,500 plus two per cent of the amount in excess of $50,000.

If the bid deposit is in the form of a suretybond, it shall be issued in accordance with subsection (b).

(b)  A bid may be accompanied by a surety bondexecuted to the officer calling for bids by the bidder as principal and by anybonding company listed in the United States Treasury List; provided that thebond furnished by any surety listed shall not exceed the bonding capacityrating of that surety on the Treasury List; in a sum of equal amount,conditioned upon the bidder entering into the contract and furnishingsatisfactory security within ten days after the award or within any furthertime as the officer may allow, if the bidder is awarded the contract. [L 1959,c 245, §5; am L 1962, c 5, §4; Supp, §7B-5; am L 1967, c 142, §1; HRS §102-6;am L 1975, c 167, §2; am L 1976, c 88, §2; am L 1983, c 108, §1; am L 1990, c345, §2; am L 1992, c 274, §2; am L Sp 1993, c 8, §3; am L 1994, c 186, §3]