SB3249 mandates forfeiture of protest bonds for unsuccessful procurement protests in Hawaii.

SB3249 amends Hawaii Revised Statutes to require forfeiture of protest bonds for unsuccessful procurement protests. The initiating party must pay a bond of one percent of the contract's estimated value to the Department of Commerce and Consumer Affairs. If the initiating party does not prevail, the bond is forfeited, minus administrative costs, and deposited into the general fund. This change aims to expedite construction projects by discouraging frivolous protests. The Act does not affect ongoing proceedings or penalties incurred before its effective date.

SB3249 mandates forfeiture of protest bonds for unsuccessful procurement protests in Hawaii.

SB3249 amends Hawaii Revised Statutes to require forfeiture of protest bonds for unsuccessful procurement protests. The initiating party must pay a bond of one percent of the contract's estimated value to the Department of Commerce and Consumer Affairs. If the initiating party does not prevail, the bond is forfeited, minus administrative costs, and deposited into the general fund. This change aims to expedite construction projects by discouraging frivolous protests. The Act does not affect ongoing proceedings or penalties incurred before its effective date.