Common use of Obligations of Administrator Clause in Contracts

Obligations of Administrator. Administrator shall supply to the Group all ordinary, necessary or appropriate services for the efficient operation of the Practice, including without limitation, clerical, accounting, purchasing, payroll, legal, bookkeeping and computer services, information management, preparation of Tax Returns, printing, postage and duplication services and medical transcribing services; provided, however, that the Group may elect to prepare its own Tax Returns, in which case, the cost of preparing such Tax Returns in excess of $2,500 per annum shall be included in Excluded Practice Expenses. Administrator shall prepare monthly unaudited accrual or cash-basis (as designated by the Group) financial statements for the Group containing a balance sheet, income statement and monthly operational reports which detail payments, charges and accounts receivable statistics, monthly reconciliation reports on cash management and any other financial reports reasonably requested by a member of the Joint Planning Board designated by the Group, which shall be delivered to the Group as soon as practicable, but no later than thirty (30) days after the end of each calendar month. The Group may elect to have an audit conducted with respect to such financial statements by an accounting firm selected by Group in its sole discretion, in which case the cost of such audit shall be included in Excluded Practice Expenses unless such audit discloses a material discrepancy, equal to or greater than ten percent (10%) of the residual amount to which the Group is entitled following application of the priority of payment set forth in Section 7.6 below in which case the cost shall be an Administrator Expense.