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§ 113.1. Partial payment--Retainage

Oklahoma Statutes AnnotatedTitle 61. Public Buildings and Public WorksEffective: November 1, 2022

Oklahoma Statutes Annotated
Title 61. Public Buildings and Public Works (Refs & Annos)
Public Competitive Bidding Act of 1974 (Refs & Annos)
Effective: November 1, 2022
61 Okl.St.Ann. § 113.1
§ 113.1. Partial payment--Retainage
Currentness
<Text as amended by Laws 2022, c. 315, § 1. See also, text as amended by Laws 2022, c. 238, § 24.>
A. A public construction contract shall provide for partial payment based upon work completed. The contract shall provide that up to five percent (5%) of all partial payments made shall be withheld as retainage. At any time the contractor has completed in excess of fifty percent (50%) of the total contract amount, the retainage shall be reduced to two and one-half percent (2.5%) of the amount earned to date once the public agency has determined that satisfactory progress is being made.
B. The Department of Transportation or the Oklahoma Turnpike Authority shall not withhold retainage on public construction contracts awarded by the Department or the Authority.
C. The Department of Transportation shall not withhold retainage or require any bond on projects awarded to railroads on the railroad's privately owned or operated rail property.

Credits

Laws 1977, c. 74, § 2, eff. Oct. 1, 1977; Laws 1983, c. 67, § 1, emerg. eff. April 29, 1983; Laws 1995, c. 200, § 2, emerg. eff. May 19, 1995; Laws 1997, c. 278, § 4, emerg. eff. May 27, 1997; Laws 2006, c. 271, § 19, eff. July 1, 2006; Laws 2011, c. 99, § 1, eff. Nov. 1, 2011; Laws 2022, c. 315, § 1, eff. Nov. 1, 2022.
61 Okl. St. Ann. § 113.1, OK ST T. 61 § 113.1
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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