Loading chat...
OK SB707
Bill
Status
Introduced
2/7/2011
Primary Sponsor
Clark Jolley
Click for details
AI Summary
SB 707 Summary
-
Amends 61 O.S. 2001, Section 113.1 regarding public construction contract retainage requirements
-
Reduces maximum retainage withheld from partial payments from 10% to 5% of all partial payments made
-
Removes previous provision allowing reduction to 5% retainage after 50% contract completion with satisfactory progress determination
-
Maintains existing exemptions for Department of Transportation and Oklahoma Turnpike Authority contracts
-
Effective date: November 1, 2011
Legislative Description
Public Competitive Bidding Act of 1974; modifying percentage of retainage. Effective date.
Government
Last Action
Pending authorship Representative(s) Newell
2/16/2011
Committee Referrals
General Government2/8/2011
Full Bill Text
No bill text available