Hawaii § 103D-323 - Bid security.
Full text of Hawaii Hawaii Revised Statutes § 103D-323 — Bid security., with citation guidance and answers to common questions.
§ 103D-323. Bid security.
(a) Unless the policy board determines otherwise by rules, bid security shall be required only for construction contracts to be awarded pursuant to sections 103D-302 and 103D-303 and when the price of the contract is estimated by the procurement officer to exceed $25,000 or, if the contract is for goods or services, the purchasing agency secures the approval of the chief procurement officer. Bid security shall be a bond provided by a surety company authorized to do business in the State, or the equivalent in cash, or otherwise supplied in a form specified in rules. (b) Bid security shall be in an amount equal to at least five per cent of the amount of the bid. (c) Unless, pursuant to rules, it is determined that a failure to provide bid security is nonsubstantial, all bids required to be accompanied by bid security shall be rejected when not accompanied by the required bid security. (d) After the bids are opened, they shall be irrevocable for the period specified in the invitation for bids, except as provided in section 103D-302(g). If a bidder is permitted to withdraw its bid before award, no action shall be had against the bidder or the bid security. [L Sp 1993, c 8, pt of §2; am L 1994, c 186, §11; am L 1997, c 352, §23] Previous Vol02_Ch0046-0115 Next
Frequently Asked Questions About Hawaii § 103D-323
What does Hawaii Revised Statutes § 103D-323 cover?
Section 103D-323 ("Bid security.") is part of the Hawaii Revised Statutes, the codified statutory law of Hawaii. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Hawaii § 103D-323?
A common citation format is "Hawaii Revised Statutes § 103D-323" (Hawaii). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Hawaii law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Hawaii official source linked on this page or consult a licensed Hawaii attorney.
How does Hawaii § 103D-323 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Hawaii can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Hawaii.