Common use of Annual Review and Reimbursement/Reconciliation Clause in Contracts

Annual Review and Reimbursement/Reconciliation. QESP shall measure and calculate Energy Cost Savings as specified in Schedule C (Savings Measurement and Verification Plan; Post-Retrofit M&V Plan; Annual M&V Reporting) and Schedule B (Baseline Energy Consumption; Methodology to Adjust Baseline) and shall prepare and deliver to Department an annual reconciliation report no later than forty-five (45) days following each (1) twelve-month anniversary of the Commencement Date, or (2) the date that QESP shall have received the last of the energy usage records and data referenced in Articles 3 and 5 of this SOW, whichever is later, for the entire term of this SOW, including the final report due on or before . If the reconciliation reveals a shortfall in annual Energy Cost Savings in any one year during the guarantee period, QESP shall make payment to the Department in the amount of the shortfall no later than days after the Department receives the reconciliation report. If the reconciliation reveals an excess in annual Energy Cost Savings, the excess savings shall remain with the Department, and shall not be used to cover potential Energy Cost Savings shortages in subsequent years or actual Energy Cost Savings shortages in previous years.