§ 820. Frequency and time period of payments to prime contractor--Exemption--Suspension and res...
Oklahoma Statutes AnnotatedTitle 15. Contracts
15 Okl.St.Ann. § 820
§ 820. Frequency and time period of payments to prime contractor--Exemption--Suspension and resumption of work
1. On all private construction projects in which a set of plans or specifications or both plans and specifications are issued for bid, the owner shall specify in writing the frequency and time period for payments to the prime contractor. The general specifications and the first page of all bid plans shall include the following, or substantially similar, language:
OWNER SHALL ISSUE PAYMENTS WITH A FREQUENCY OF __________.
OWNER SHALL ISSUE EACH PAYMENT TO THE PRIME CONTRACTOR WITHIN ________ DAYS AFTER RECEIPT OF CONTRACTOR'S BILLING.
Any resulting contract shall include the payment frequency and time period prescribed in the general specifications and bid plans. An architect, engineer, or other entity preparing the plans and specifications for the owner shall not be liable for the failure to include the payment terms on a set of plans or specifications used for bidding purposes.
3. If a contractor invites a subcontractor to bid on any portion of a negotiated project, the contractor shall clearly define the contractor's payment term upon issuance of the invitation to bid. Such payment term shall be defined as to the frequency that payments shall be made, and a specific day of the month that the subcontractor shall expect to receive each payment.
No prime contractor or subcontractor shall be required to resume work until:
Credits
Laws 2010, c. 208, § 1, emerg. eff. May 5, 2010.
15 Okl. St. Ann. § 820, OK ST T. 15 § 820
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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