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What Is a Bond Requirement for a Contract in Hawaii?

A contractor in Hawaii shakes hands with a client

Contracts are generally done through a solicitation procedure where companies and individuals can bid on construction projects, services or goods. The process could include completion of a bid bond form, application to a vendor system, and other requirements. Below are links that provide more details to contract processes.

Hawaii Contract Bonds are often required by the federal government, local municipalities, counties, universities or private entities. The process generally begins with a bidding process, and if awarded the contract, a contract bond or payment and/or performance bond (as an example a HIDot contract) may be required. There are several categories that fall under the umbrella of contract bonds which include:

Hawaii Supply Bond: Guarantees that the company will supply the goods with a specific timeline as outlined in the contract.

Hawaii Bid Bond: Ensures that the surety prequalifies the contractor bidding on the project. The bond confirms that if the contractor is the low bidder, the surety will issue the performance and payment bonds.

Hawaii Performance Bond: Guarantees the contractor will perform the contract, including finishing the project on time, staying within budget and other terms within the contract.

Hawaii Proposal Guarantee Bond: Another term for Bid Bond and includes the same aspects.

Hawaii Payment Bond: Guarantees that subcontractors, suppliers and laborers are paid.

Hawaii Maintenance Bond: Guarantees materials workmanship for a certain period of time after a project is completed.

Did You Know?

The Small Business Administration has a Bond Guarantee Program to help small contractors bid on projects.

How Much Will This Bond Cost?

The premium that you pay for a Hawaii contract bond will vary and will be dependent on business and personal financials, scope of work, the amount of the project, work on hand, and other conditions.

Related Links:

Small Business Association Bond Guarantee Program
State of Hawaii Procurement Office - Price & Vendor List Contracts
State of Hawaii Department of Transportation - Contracts
University of Hawaii - Office of Facilities Contracts

Contact Our Surety Bond Specialists Today:

Phone: 1‑844‑432‑6637
Emailinfo@suretygroup.com
Fax:     404-351-3237
Hours: 8:00-5:00 CST, Monday through Friday




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