§102-8  Bond may be substituted fordeposits.  In lieu of the deposits prescribed by section 102-6, a bid maybe accompanied by a surety bond executed to the officer calling for bids by thebidder as principal and by any corporation organized for the purpose ofbecoming surety on bonds, authorized under the laws of the United States or ofthe State to act as surety and doing business in the State under the laws ofthe United States or of the State, if a foreign corporation, and under the lawsof the State, if a Hawaii corporation, as surety, in a penal sum of equalamount, 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, §7; Supp, §7B-7; HRS §102-8; am L 1990, c 345, §3; am L 1992, c 274, §3]