Okla. Stat. tit. 61, § 61-113.1v2
This is the official text of Okla. Stat. tit. 61, § 61-113.1v2, part of Oklahoma’s Stat. tit. 61, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 61,." Browse the sections below, each linked to its official government source.
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Partial payment - Retainage
Official statutory text
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.
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.
Status: in_force · Read it on the official government site
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