HI HB1415

Amends Hawaii Revised Statutes Section 103D-324 to modify performance bond requirements for state construction contracts exceeding $25,000.

Requires surety companies providing performance bonds to be independent from all parties involved in the awarded bid, including contractors and related individuals or companies.

Prohibits revocation or dismissal of surety or bond companies until 90 days after project completion and settlement of all claims, torts, and liens.

Extends payment bond protections by preventing purchasing agencies from releasing payment bonds or terminating their obligations until 90 days after the last labor or materials are provided and all claims and liens have been adjudicated or settled.

Effective July 1, 2050.