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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 260. Office of Management and Enterprise Services |
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Chapter 10. Prompt Payment to Vendors and Employees of the State of Oklahoma Through the Payment of Interest on Late Payments |
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Subchapter 1. General Provisions |
SECTION 260:10-1-3. Scope
Latest version.
- (a) The laws of Oklahoma, at 61 O.S. 1981, Section 101 et seq., the "Public Competitive Bidding Act of 1974,"as amended, provide specific legislative direction when interest is appropriate on claims under public construction contracts. Contracts executed prior to November 1, 1983, may contain express "interest," provisions which are at variance with the procedures developed pursuant to 62 O.S. Section 34.71 et seq. (See for example, Attorney General Opinion No. 83-120). Accordingly, only payments under contracts bid and awarded after November 1, 1983, are encompassed by the procedures promulgated under the authority conferred by 62 O.S., Section 34.71 et seq.(b) This chapter is not intended to supersede or replace other Federal or State statutes regarding interest, nor statutes prohibiting interest on late payments, nor judgments or settlements that provide for payment of interest.(c) The Director, in concert with the State Treasurer, shall make continuing studies of policies and procedures of these central offices, make changes when necessary to modernize systems with emphasis in expediting procurement, claim settlement, and warrant issuing, and, when appropriate, recommend changes to existing laws or proper new laws to accomplish this end.