Annual True-up Process Sample Clauses

Annual True-up Process. No later than 90 days (unless mutually agreed otherwise), after the start of a calendar year Y, the Supplier shall submit to the Purchaser, the True-Up Amount. The Parties shall discuss and agree on the True-Up Amount for year Y-1 no later than 180 days after the start of calendar year Y. If the Parties fail to come to an agreement on the True-Up amount by the end of the 180 days period referenced above, the matter shall be referred for resolution in accordance with Article 19. Notwithstanding the foregoing, if the Parties are unable to agree on the True-Up Amount by the end of the 180 days period referenced above, Purchaser may initiate an audit as set forth in Article 6.4(H) to verify the accuracy of the True-Up Amount instead of referring the matter for resolution in accordance with Article 19. The agreed True-Up Amount for year Y-1, shall be used by the Supplier when preparing the Draft Annual Plan and Budget for the year Y+1 and is added to the budget amount calculated for year Y+1. Changes to the True-Up Amount submitted by the Supplier and to be used temporarily until the Parties agree on, or an auditor determines, a final approved True-Up Amount will be spread over the remainder of the year Y+1. If the True-Up Amount for year Y-1 is not agreed by no later than 90 days before the commencement of calendar year Y+1, then the unapproved True-Up Amount submitted by the Supplier shall be used for the purpose of the New Annual Plan and Budget for year Y+1 and corrections shall be applied as soon as the Parties have agreed to, or an auditor determines, the final approved True-Up Amount. The foregoing process shall be referred to herein as the “Annual True-Up Process” and any resulting amount included in the following year’s Annual Plan and Budget the “True-Up Amount.”
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Related to Annual True-up Process

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  • Enrollment Process The Department may, at any time, revise the enrollment procedures. The Department will advise the Contractor of the anticipated changes in advance whenever possible. The Contractor shall have the opportunity to make comments and provide input on the changes. The Contractor will be bound by the changes in enrollment procedures.

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