SB 739
Construction contracts; prohibiting certain entities from withholding retainage for certain contracts. Effective date.
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- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill aims to protect construction companies in Oklahoma by preventing certain entities, like subcontractors, from withholding retainage – a percentage of a contractor’s payment held in escrow – unless specifically outlined in the contract. It clarifies that retainage can only be withheld according to the terms agreed upon by all parties involved in the construction project. The bill also establishes an effective date for the changes it makes. It seeks to ensure fair practices and prevent disputes related to retainage withholding.
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Primary sponsors
West (Kevin)
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