{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-500.64","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-500.64","heading":"Tax payment reimbursement contracts - Reimbursement","body":"option - Notification - Security.\n\nA. If a contract requires one party to reimburse another party\n\nfor taxes levied under Part III of Subchapter A of Chapter 32 of the\n\nInternal Revenue Code, the party making the reimbursement, at its\n\noption, shall not be required to reimburse the other party more than\n\none (1) business day before the other party is required to remit the\n\ntaxes to the Internal Revenue Service.\n\nB. If a party chooses not to exercise its option under\n\nsubsection A of this section, and provision is not already provided\n\nin the contract, the party shall notify the other party in writing\n\nof its intention. The option may not be exercised until at least\n\nthirty (30) days after the written notification or the beginning of\n\nthe next federal tax quarter, whichever is later.\n\nC. The party to be reimbursed under subsection A of this\n\nsection may require security from the reimbursing party for the\n\npayment of the taxes in proportion to the amount the taxes represent\n\ncompared to the security required on the contract as a whole. The\n\nparty to be reimbursed shall not change other payment terms of the\n\ncontract due to the timing of the tax reimbursement, but may require\n\nthe taxes to be reimbursed by electronic transfer of funds.\n\nD. The provisions of this section shall be applicable to all\n\ncontinuing contracts now in effect that have no expiration date and\n\nall contracts entered into or renewed on or after the effective date\n\nof this act.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"4e2129445a01fd879dd7d744772e5f6976530766da82e2d0a8f24f91128f1720","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-500.63","next":"us-ok/okla.-stat.-tit.-68-68-500.6a"},"notice":"GroundRules: Original legal text. Not legal advice."}