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