Common use of Financial Reductions Clause in Contracts

Financial Reductions. Notwithstanding any other provision of this Agreement, and at the discretion of the LHIN, the HSP may be subject to a financial reduction in any of the following circumstances: (i) its LAPS is received after the due date; (ii) its LAPS is incomplete; (iii) the quarterly performance reports are not provided when due; or (iv) financial and/or clinical data requirements are late, incomplete or inaccurate, where the errors or delay were not as a result of LHIN actions or inaction. If assessed, the financial reduction will be taken from funding designated for this purpose in Schedule C as follows: (v) if received within 7 days after the due date, incomplete or inaccurate, the financial penalty will be the greater of (i) a reduction of 0.02 percent (0.02%) of the Funding; or (ii) two hundred and fifty dollars ($250.00); and (vi) for every full or partial week of non-compliance thereafter, the rate will be one half of the initial reduction.

Financial Reductions. Notwithstanding NotWithstanding any other provision prOVision of this Agreement, and at the discretion of the LHIN, the HSP may be subject to a financial reduction in any of the following circumstances: (i) its LAPS CAPS is received after the due date; (ii) its LAPS CAPS is incomplete; (iii) the quarterly performance reports are not provided when due; or (iv) financial and/or clinical data requirements are late, incomplete Incomplete or inaccurate, where the errors or delay were not as a result of LHIN actions or inaction. If assessed, the financial reduction will be taken from funding designated for this purpose in Schedule C as follows: (v) if received within 7 days after the due date, incomplete Incomplete or inaccurate, the financial penalty will be the greater of (i) a reduction of 0.02 percent (0.02%0.02 ) of the Fundingfunding identified on Schedule B; or (ii) two hundred and fifty dollars ($250.00); and (vi) for every full or partial week of non-compliance thereafter, the rate will be one half of the initial reduction.