Okla. Stat. tit. 68, § 68-500.64: Tax payment reimbursement contracts - Reimbursement

option - Notification - Security.

A. If a contract requires one party to reimburse another party

for taxes levied under Part III of Subchapter A of Chapter 32 of the

Internal Revenue Code, the party making the reimbursement, at its

option, shall not be required to reimburse the other party more than

one (1) business day before the other party is required to remit the

taxes to the Internal Revenue Service.

B. If a party chooses not to exercise its option under

subsection A of this section, and provision is not already provided

in the contract, the party shall notify the other party in writing

of its intention. The option may not be exercised until at least

thirty (30) days after the written notification or the beginning of

the next federal tax quarter, whichever is later.

C. The party to be reimbursed under subsection A of this

section may require security from the reimbursing party for the

payment of the taxes in proportion to the amount the taxes represent

compared to the security required on the contract as a whole. The

party to be reimbursed shall not change other payment terms of the

contract due to the timing of the tax reimbursement, but may require

the taxes to be reimbursed by electronic transfer of funds.

D. The provisions of this section shall be applicable to all

continuing contracts now in effect that have no expiration date and

all contracts entered into or renewed on or after the effective date

of this act.