§102-6  Deposits of legal tender, etc., to
accompany bid.  (a)  All bids shall be accompanied by a deposit of legal
tender or by a certificate of deposit, share certificate, cashier's check,
treasurer's check, teller's check, or official check drawn by, or a certified
check accepted by, a bank, savings institution, or credit union insured by the
Federal Deposit Insurance Corporation or the National Credit Union
Administration, in a sum not less than five per cent of the amount bid, payable
at sight or unconditionally assigned to the officer advertising for tenders;
provided that when the amount bid exceeds $50,000, the deposit shall be in a
sum 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 surety
bond, it shall be issued in accordance with subsection (b).



(b)  A bid may be accompanied by a surety bond
executed to the officer calling for bids by the bidder as principal and by any
bonding company listed in the United States Treasury List; provided that the
bond furnished by any surety listed shall not exceed the bonding capacity
rating of that surety on the Treasury List; in a 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, §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, c
345, §2; am L 1992, c 274, §2; am L Sp 1993, c 8, §3; am L 1994, c 186, §3]