Hawaii Revised Statutes

Haw. Rev. Stat. § 103D-703.5 (2026)

Settlement of default by contractor

✓ current as of July 2026

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§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]

Notes of Decisions

Cited in 1 case, 2009–2009 · leading case: Commc'ns-Pac., Inc. v. City & Cnty. of Honolulu, 221 P.3d 505 (Haw. App. 2009).

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Commc'ns-Pac., Inc. v. City & Cnty. of Honolulu, 221 P.3d 505 (Haw. App. 2009). “In 1997, the legislature added HRS § 103D-703.5 to deal with defaults in performance by a contractor by acceptance of payments from a surety bond.”

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