Multiple Amendments Enacted During the 2022 Legislative Session

1. 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 until the project is fifty percent (50%) complete as determined by the awarding agency. When the awarding public agency determines that the project is at least fifty percent (50%) complete, the retainage amount shall be two and one-half percent (2.5%) with respect to the balance of the work.
2. 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.

3. 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.

   Version 2 (amended by Laws 2022, SB 1520, c. 315, § 1, eff. November 1, 2022)

4. 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.
5. 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.
6. 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.

Version 1 (amended by Laws 2022, HB 4080, c. 238, § 24, eff. November 1, 2022)

Laws 1977, SB 65, c. 74, § 2, eff. October 1, 1977; Amended by Laws 1983, HB 1305, c. 67, § 1, emerg. eff. April 29, 1983; Amended by Laws 1995, SB 250, c. 200, § 2, emerg. eff. May 19, 1995; Amended by Laws 1997, SB 210, c. 278, § 4, emerg. eff. May 27,1997 (superseded document available); Amended by Laws 2006, SB 558, c. 271, § 19, emerg. eff. July 1, 2006 (superseded document available); Amended by Laws 2011, HB 1075, c. 99, § 1, eff. November 1, 2011 (superseded document available); Amended by Laws 2022, HB 4080, c. 238, § 24; Amended by Laws 2022, SB 1520, c. 315, § 1, eff. November 1, 2022 (superseded document available).