(a) Unless the policy board determines otherwise by rules, bid security shall be required only for construction contracts to be awarded pursuant to §§ 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.

Terms Used In Hawaii Revised Statutes 103D-323

  • Business: means any corporation, partnership, individual, sole proprietorship, joint stock company, joint venture, or any other private legal entity. See Hawaii Revised Statutes 103D-104
  • Construction: means the process of building, altering, repairing, improving, or demolishing any public structure or building, or other public improvements of any kind to any public real property. See Hawaii Revised Statutes 103D-104
  • Contract: means all types of agreements, regardless of what they may be called, for the procurement or disposal of goods or services, or for construction. See Hawaii Revised Statutes 103D-104
  • Contract: A legal written agreement that becomes binding when signed.
  • Goods: means all property, including but not limited to equipment, equipment leases, materials, supplies, printing, insurance, and processes, including computer systems and software, excluding land or a permanent interest in land, leases of real property, and office rentals. See Hawaii Revised Statutes 103D-104
  • Invitation for bids: means all documents, whether attached or incorporated by reference, utilized for soliciting bids. See Hawaii Revised Statutes 103D-104
  • Policy board: means the procurement policy board created in § 103D-201. See Hawaii Revised Statutes 103D-104
  • Procurement: means buying, purchasing, renting, leasing, or otherwise acquiring any good, service, or construction. See Hawaii Revised Statutes 103D-104
  • Procurement officer: means any person authorized to enter into and administer contracts and make written determinations with respect thereto. See Hawaii Revised Statutes 103D-104
  • Purchasing agency: means any governmental body which is authorized by this chapter or its implementing rules and procedures, or by way of delegation, to enter into contracts for the procurement of goods, services, or construction. See Hawaii Revised Statutes 103D-104
  • Services: means the furnishing of labor, time, or effort by a contractor, not involving the delivery of a specific end product other than reports which are merely incidental to the required performance. See Hawaii Revised Statutes 103D-104
(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.

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