Section 3-122-225 - Reduction of contract performance and payment bond amounts(a) Prior to the deadline for receipt of offers and during performance of the contract, the amounts of a performance bond and a payment bond may be reduced upon written determination by the chief procurement officer or head of a purchasing agency that it is in the best interest of the State to do so. (1) For construction contracts only, and prior to the deadline for receipt of offers, reduction of performance and payment bond amounts shall be limited to not less than fifty per cent of the contract price;(2) During performance of the contract, the amount of the performance bond may be reduced as work is completed and the amount of the payment bond may be reduced as payments are made by the contractor.(b) Additional performance bond or payment bond may be required by the procurement officer for a contract change order or modification where the contract amount increases.[Eff 12/15/95; comp 11/17/97; am comp MAR 21 2008] (Auth: HRS §§ 103D-202, 103D-324) (Imp: HRS § 103D-324)