Hawaii § 103D-703.5 - Settlement of default by contractor.
Full text of Hawaii Hawaii Revised Statutes § 103D-703.5 — Settlement of default by contractor., with citation guidance and answers to common questions.
§ 103D-703.5. Settlement of default by contractor.
Upon default of a contractor, the purchasing agency may accept moneys in satisfaction of the contractor's obligation on a contract whether the moneys are realized from the performance surety's obligation on its bond, an insurer's obligation on the contractor's policy, or any other source of moneys paid to satisfy a contractor's default. Such moneys shall be deemed to be trust moneys and shall be deposited into a trust account with and under the control of the purchasing agency. These moneys and the interest earned thereon shall be used for the completion of such contract. Upon completion of the contract, any excess moneys shall be deposited in the general fund unless otherwise restricted. [L 1997, c 167, §1; am L 1999, c 149, §17] Previous Vol02_Ch0046-0115 Next
Source: official Hawaii text · Last verified 2026-08-27
Frequently Asked Questions About Hawaii § 103D-703.5
What does Hawaii Revised Statutes § 103D-703.5 cover?
Section 103D-703.5 ("Settlement of default by contractor.") 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-703.5?
A common citation format is "Hawaii Revised Statutes § 103D-703.5" (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-703.5 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.