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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 65. Construction and Properties |
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Subchapter 1. Construction Contracting |
SECTION 260:65-1-21. Termination of unperformed contracts
Latest version.
- Any contract under which no work has been performed or no formal claim or litigation has been pending within a period of twenty-four months shall be terminated by the agency. After termination, any amount owed to the contractor shall be determined and payment made. This shall release the agency from further liability to the contractor or surety company. If the contractor cannot be located, the payment shall be held in the care of the State Treasurer for the contractor for a period not to exceed thirty-six months at which time the payment shall be deposited in the General Revenue Fund. This shall release the State from any further liability to the contractor or surety company. [61 O.S., Section 137]