Performance-Based Quarterly Payments Sample Clauses
The Performance-Based Quarterly Payments clause establishes that payments will be made on a quarterly basis, contingent upon the achievement of specific performance metrics or milestones. In practice, this means that the party providing goods or services must meet predefined targets—such as sales figures, project deliverables, or quality standards—before receiving payment for each quarter. This structure incentivizes consistent performance and ensures that compensation is directly tied to results, thereby aligning the interests of both parties and reducing the risk of paying for underperformance.
Performance-Based Quarterly Payments. If the payment shall be made by Performance-Based Quarterly Payments, the COUNTY shall:
(1) Pay the AGENCY in four (4) quarterly payments per Contract Year, beginning on the first month of the Contract Term. The AGENCY shall provide the COUNTY with supporting documentation quarterly, which shall include the total units of Services provided. The COUNTY will use such supporting documentation to validate and reconcile the previous quarterly payment.
(2) The COUNTY reserves the right to adjust compensation to the AGENCY in accordance with this Contract. This adjustment may be based on actual or projected delivery of units of service or noncompliance of the terms and conditions provided for in this Contract. Any adjustment of payments, which reflect undelivered units of service, may be made quarterly.
(3) Any payments provided to the AGENCY by the COUNTY that have not been properly expended by the AGENCY or adequately reconciled with the COUNTY by the end of the Contract Term shall be returned to the COUNTY no less than ninety (90) calendar days from the expiration of the Contract Term.