Okla. Stat. tit. 61, § 61-113.3
This is the official text of Okla. Stat. tit. 61, § 61-113.3, 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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Interest - Rate
Official statutory text
When interest is due the contractor, all awarding public
agencies, other than school districts, shall pay to the contractor
interest at the rate of one and one-half percent (1 1/2%) per month
of the final payment due the contractor. When interest is due to
the contractor, school districts shall pay to the contractor
interest at the rate of three fourths percent (3/4%) per month of
the final payment due the contractor. For lump sum contracts the
interest shall commence thirty (30) days after the work under the
contract has been completed and accepted and all required material
certifications and other documentation required by the contract have
been furnished the awarding public agency by the contractor, and
shall run until the date when the final payment or estimate is
tendered to the contractor.
For contracts bid by unit prices the interest shall commence
sixty (60) days after the above conditions are satisfied. When
contract quantities or the final payment amount is in dispute, the
interest-bearing period shall be suspended until the conclusion of
arbitration and settlement of the dispute.
agencies, other than school districts, shall pay to the contractor
interest at the rate of one and one-half percent (1 1/2%) per month
of the final payment due the contractor. When interest is due to
the contractor, school districts shall pay to the contractor
interest at the rate of three fourths percent (3/4%) per month of
the final payment due the contractor. For lump sum contracts the
interest shall commence thirty (30) days after the work under the
contract has been completed and accepted and all required material
certifications and other documentation required by the contract have
been furnished the awarding public agency by the contractor, and
shall run until the date when the final payment or estimate is
tendered to the contractor.
For contracts bid by unit prices the interest shall commence
sixty (60) days after the above conditions are satisfied. When
contract quantities or the final payment amount is in dispute, the
interest-bearing period shall be suspended until the conclusion of
arbitration and settlement of the dispute.
Status: in_force · Read it on the official government site
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