{"data":{"id":"us-ok/okla.-stat.-tit.-61-61-113.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 61, § 61-113.3","heading":"Interest - Rate","body":"When interest is due the contractor, all awarding public\n\nagencies, other than school districts, shall pay to the contractor\n\ninterest at the rate of one and one-half percent (1 1/2%) per month\n\nof the final payment due the contractor. When interest is due to\n\nthe contractor, school districts shall pay to the contractor\n\ninterest at the rate of three fourths percent (3/4%) per month of\n\nthe final payment due the contractor. For lump sum contracts the\n\ninterest shall commence thirty (30) days after the work under the\n\ncontract has been completed and accepted and all required material\n\ncertifications and other documentation required by the contract have\n\nbeen furnished the awarding public agency by the contractor, and\n\nshall run until the date when the final payment or estimate is\n\ntendered to the contractor.\n\nFor contracts bid by unit prices the interest shall commence\n\nsixty (60) days after the above conditions are satisfied. When\n\ncontract quantities or the final payment amount is in dispute, the\n\ninterest-bearing period shall be suspended until the conclusion of\n\narbitration and settlement of the dispute.","path":["OK Code","Title 61"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os61.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"bd61d350d4d55fee2a7837c95d6271392567175c2a24be13d3dfa4f10772683e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-61-61-113.2","next":"us-ok/okla.-stat.-tit.-61-61-114"},"notice":"GroundRules: Original legal text. Not legal advice."}