Section 3-122-221 - General(a) The term "bid security", as used in this subchapter means security provided at the time an offer is submitted.(b) Bid security protects the State against the failure or refusal of an offeror to execute the contract for the work bid or to supply the necessary performance and payment bonds, as required.(c) A contract performance bond indemnifies the State against loss resulting from the failure of the contractor to perform a contract, in particular a construction contract, in accordance with the plans and specifications.(d) A contract payment bond guarantees payment and protection for those furnishing labor and materials to the contractor or its subcontractors for the work bonded[Eff 12/15/95; am and comp 11/17/97; comp MAR 21 2008] (Auth: HRS §§ 103D-202, 103D-323, 103D-324) (Imp: HRS §§ 103D-323, 103D-324)