Oklahoma § 61-113.3 - Interest - Rate
Full text of Oklahoma Oklahoma Statutes § 61-113.3 — Interest - Rate, with citation guidance and answers to common questions.
§ 61-113.3. Interest - Rate
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.
Added by Laws 1977, c. 74, § 4, eff. Oct. 1, 1977. Amended by Laws
2006, c. 271, § 20, eff. July 1, 2006.
Frequently Asked Questions About Oklahoma § 61-113.3
What does Oklahoma Statutes § 61-113.3 cover?
Section 61-113.3 ("Interest - Rate") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 61-113.3?
A common citation format is "Oklahoma Statutes § 61-113.3" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 61-113.3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.