OK SB573

Reduces maximum retainage allowed in construction contracts from 10% to 5% of the payment due for both prime contractors and subcontractors.

Eliminates previous provision that reduced retainage to 5% only after prime contractor invoices reached 50% of contract value; now 5% cap applies immediately to all payment stages.

Requires owners to release retainage within 21 calendar days after certificate of substantial completion, minus costs to correct defective work (capped at 150% of estimated correction costs).

Mandates prime contractors release withheld funds to other entities within 10 calendar days of receipt, and requires all other entities to release their shares within 7 calendar days.

Declares an emergency, making the act effective immediately upon passage and approval.