Common use of Year End Settlement Clause in Contracts

Year End Settlement. A. At the conclusion of each year of the term of this Agreement, a year-end settlement and reconciliation will take place as follows: 1. The County’s maximum payment to Contractor will be the lesser of the full contract amount or the actual Net Allowable Costs for actual or accrued expenditures made pursuant to the annual budget for contracted services submitted by Contractor for the term of the contract. Actual Net Allowable Costs will be determined by the final/year-end Cost Report. 2. If Contractors performance by modality for the year is at or above 90% of the contracted service levels set forth in the Exhibit(s) to this Agreement, County will pay Contractor the difference between the amount it has paid Contractor as of the year-to-date and the lesser of either the contract amount of Contractor’s actual Net Allowable Cost for each modality. This payment will be made within thirty (30) days of determination of year-end settlement. 3. If Contractors performance by modality for the year is below 90% of the contracted service level, Contractor will reimburse the County the difference between the amount that County has paid Contractor as of the year-to-date and the lesser of Contractor’s performance percentage applied against the contract amount or Contractor’s actual Net Allowable Cost for each modality. If it is determined that the Contractor has been paid in excess of its actual Net Allowable Costs, Contractor will reimburse County within thirty (30) days of written notification by the County AODS Administrator or designee.

Year End Settlement. A. At the conclusion of each year of the term of this Agreement, a year-end settlement and reconciliation will take place as follows: 1. The County’s maximum payment to Contractor will be the lesser of the full contract amount or the actual Net Allowable Costs for actual or accrued expenditures made pursuant to the annual budget for contracted services submitted by Contractor for the term of the contract. Actual Net Allowable Costs will be determined by the final/year-end Cost Report. 2. If Contractors Contractor’s performance by modality for the year is at or above 90% of the contracted service levels set forth in the Exhibit(s) to this Agreement, County will pay Contractor the difference between the amount it has paid Contractor as of the year-to-date and the lesser of either the contract amount of Contractor’s actual Net Allowable Cost for each modality. This payment will be made within thirty (30) days of determination of year-end settlement. 3. If Contractors Contractor’s performance by modality for the year is below 90% of the contracted service level, Contractor will reimburse the County the difference between the amount that County has paid Contractor as of the year-to-date and the lesser of Contractor’s performance percentage applied against the contract amount or Contractor’s actual Net Allowable Cost for each modality. If it is determined that the Contractor has been paid in excess of its actual Net Allowable Costs, Contractor will reimburse County within thirty (30) days of written notification by the County AODS Administrator or designee.

Year End Settlement. A. At the conclusion of each year of the term of this Agreement, a year-end settlement and reconciliation will take place as follows: 1. The County’s maximum payment to Contractor will be the lesser of the full contract amount or the actual Net Allowable Costs for actual or accrued expenditures made pursuant to the annual budget for contracted services submitted by Contractor for the term of the contract. Actual Net Allowable Costs will be determined by the final/year-end Cost Report. 2. If Contractors performance by modality for the year is at or above 90% of the contracted service levels set forth in the Exhibit(s) to this Agreement, County will pay Contractor the difference between the amount it has paid Contractor as of the year-to-date and the lesser of either the contract amount of Contractor’s actual Net Allowable Cost for each modality. This payment will be made within thirty (30) days of determination of year-end settlement. 3. If Contractors performance by modality for the year is below 90% of the contracted service level, Contractor will reimburse the County the difference between the amount that County has paid Contractor as of the year-to-date and the lesser of Contractor’s performance percentage applied against the contract amount or Contractor’s actual Net Allowable Cost for each modality. If it is determined that the Contractor has been paid in excess of its actual Net Allowable Costs, Contractor will reimburse County within thirty (30) days of written notification by the County AODS Administrator or designee.thirty