Okla. Stat. tit. 12A, § 12A-2A-504: Liquidation of damages

LIQUIDATION OF DAMAGES

(1) Damages payable by either party for default, or any other

act or omission, including indemnity for loss or diminution of

anticipated tax benefits or loss or damage to lessor's residual

interest, may be liquidated in the lease agreement but only at an

amount or by a formula that is reasonable in light of the then

anticipated harm caused by the default or other act or omission.

(2) If the lease agreement provides for liquidation of damages,

and such provision does not comply with subsection (1) of this

section, or such provision is an exclusive or limited remedy that

circumstances cause to fail of its essential purpose, remedy may be

had as provided in this article.

(3) If the lessor justifiably withholds or stops delivery of

goods because of the lessee's default or insolvency (Section 72 or

73 of this act), the lessee is entitled to restitution of any amount

by which the sum of his payments exceeds:

(a) the amount to which the lessor is entitled by

virtue of terms liquidating the lessor's damages in accordance with

subsection (1) of this section; or

(b) in the absence of those terms, twenty percent

(20%) of the then present value of the total rent the lessee was

obligated to pay for the balance of the lease term, or, in the case

of a consumer lease, the lesser of such amount or Five Hundred

Dollars ($500.00).

(4) A lessee's right to restitution under subsection (3) of

this section is subject to offset to the extent the lessor

establishes:

(a) a right to recover damages under the provisions

of this article other than subsection (1) of this section; and

(b) the amount of value of any benefits received by

the lessee directly or indirectly by reason of the lease contract.