COST REPORT SETTLEMENT Clause Samples

The Cost Report Settlement clause establishes the process for reconciling and finalizing costs incurred under a contract or agreement. Typically, this clause outlines how parties will review, verify, and agree upon the actual costs reported, often after the completion of a project or at specified intervals. For example, it may require submission of detailed cost reports, allow for audits, and set timelines for resolving discrepancies. Its core function is to ensure that all parties have a clear, agreed-upon understanding of the final financial obligations, thereby preventing disputes over payments and ensuring accurate compensation for work performed.
COST REPORT SETTLEMENT. A. CONTRACTOR shall submit the CONTRACTOR’S Year-End Cost Report Settlement with the COUNTY based on the Annual Report(s) submitted pursuant to this Exhibit I of this Agreement, for the fiscal year(s) for which the CONTRACTOR’S Year-End Cost Report Settlement is (are) outstanding. 1. Failure to submit the CONTRACTOR’S Year-End Cost Report Settlement within thirty (30) calendar days after the due date specified by written notice of the COUNTY is a breach of this Agreement. In addition to, and without limiting, any other remedy available to the COUNTY for such breach, COUNTY may undertake any or all of the following to remedy such breach: a. COUNTY, in its sole and absolute discretion, may disallow claim(s) for payment for services/activities rendered during the fiscal year(s) for which the CONTRACTOR’S Year-End Cost Report Settlement is outstanding or withhold payment(s) for reimbursements payable pursuant to Section III (A) to CONTRACTOR for the current fiscal year by COUNTY to CONTRACTOR until the CONTRACTOR’S Year-End Cost Report Settlement is submitted. If COUNTY exercises its discretion to disallow claim(s) or withhold payment(s), COUNTY shall give CONTRACTOR written notice, during the thirty (30) calendar days after the due date specified by the COUNTY, of its intention to disallow claim(s) or withhold payment(s) as of the date specified in the notice, including the reason(s) for its intended action. Thereafter, CONTRACTOR, within the time specified in the notice, shall submit the CONTRACTOR’S Year-End Cost Report Settlement to avoid disallowance of claim(s) or withholding of payment(s). b. In such instance that CONTRACTOR does not submit the CONTRACTOR’S Year-End Cost Report Settlement by thirty (30) calendar days after the applicable due date specified by written notice of the COUNTY, COUNTY, in its sole and absolute discretion, may deem as due and owing to COUNTY by CONTRACTOR all amounts paid pursuant to Section III (A) by COUNTY to CONTRACTOR for services/activities for the fiscal year(s) for which the CONTRACTOR’S Year-End Cost Report Settlement is outstanding. CONTRACTOR shall pay COUNTY according to the method described in this Exhibit I, Section IV (Method of Payments for Amounts Due to COUNTY). Such payments shall be submitted to the persons at the address identified in the COUNTY invoice. B. All payments made to the CONTRACTOR and the actual Federal Financial Participation (FFP) revenue generated by the CONTRACTOR shall be reconciled with C...
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COST REPORT SETTLEMENT. A. Section 14124.24 (g) of the Welfare and Institutions Code (WIC) and Section 11852.5
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COST REPORT SETTLEMENT. The annual cost report establishes state and federal liability to the Department for services represented in the cost report. The settlement process begins with the submission of the Department’s cost report to the state, following the close of the fiscal year.
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COST REPORT SETTLEMENT. A. Section 14124.24 (g) of the Health and Safety Code (HSC) requires contractors to submit accurate and complete cost reports for the previous fiscal year. Contractor shall provide DBH with a complete and correct statement of annual costs in order for the County to complete State Cost Report not later than forty-five (45) days at the end of each fiscal year and not later than forty-five (45) days after the expiration date or termination of this Contract, unless otherwise notified by the County. B. The Cost Report is a multiyear process consisting of a preliminary, interim, and final settlement, and is subject to audit by DHCS. C. These cost reports shall be the basis upon which the County reports to the State costs for all services provided. 1. Contractor is required to identify where the cost was incurred by expenditure for the fiscal year. 2. The total costs reported must match the total of all the claims submitted to DBH by Contractor as of the end of the fiscal year which includes final claim. D. Notwithstanding Final Settlement: Audit Article, Paragraph F, the County shall have the option: 1. To withhold payment, or any portion thereof, pending outcome of a termination audit to be conducted by the County; 2. To withhold any sums due Contractor as a result of a termination audit or similar determination regarding Contractor's indebtedness to the County and to offset such withholdings as to any indebtedness to the County.
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COST REPORT SETTLEMENT. Paragraph A is hereby amended and Paragraph J hereby added to read as follows: A. Section 14124.24 (g) of the Welfare and Institutions Code (WIC) and Section 11852.5(e) of the Health and Safety Code (HSC) requires contractors to submit accurate and complete cost reports for the previous fiscal year. Contractor shall provide DBH with a complete and correct statement of annual costs in order for the County to complete State Cost Report not later than forty-five (45) days at the end of each fiscal year and not later than forty-five (45) days after the expiration date or termination of this Contract, unless otherwise notified by the County. Accurate and complete annual cost report shall be defined as a cost report which is completed on forms or in such formats as specified by the County and consistent with such instructions as the County may issue and based on the best available data provided by the County.
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Related to COST REPORT SETTLEMENT

  • COST REPORT 29 A. CONTRACTOR shall submit separate Cost Reports for each Period, or for a portion thereof, to 30 COUNTY no later than forty-five (45) calendar days following the period for which they are prepared or 31 termination of this Contract. CONTRACTOR shall prepare the Cost Report in accordance with all 32 applicable federal, state and COUNTY requirements, GAAP and the Special Provisions Paragraph of this 33 Contract. CONTRACTOR shall allocate direct and indirect costs to and between programs, cost centers, 34 services, and funding sources in accordance with such requirements and consistent with prudent business 35 practice, which costs and allocations shall be supported by source documentation maintained by 36 CONTRACTOR, and available at any time to ADMINISTRATOR upon reasonable notice. 37 1. If CONTRACTOR fails to submit an accurate and complete Cost Report within the time 1 period specified above, ADMINISTRATOR shall have sole discretion to impose one or both of the 2 following: 3 a. CONTRACTOR may be assessed a late penalty of five-hundred dollars ($500) for each 4 business day after the above specified due date that the accurate and complete Cost Report is not 5 submitted. Imposition of the late penalty shall be at the sole discretion of ADMINISTRATOR. The late 6 penalty shall be assessed separately on each outstanding Cost Report due COUNTY by CONTRACTOR. 7 b. ADMINISTRATOR may withhold or delay any or all payments due CONTRACTOR 8 pursuant to any or all agreements between COUNTY and CONTRACTOR until such time that the 9 accurate and complete Cost Report is delivered to ADMINISTRATOR. 10 2. CONTRACTOR may request, in advance and in writing, an extension of the due 11 date of the Cost Report setting forth good cause for justification of the request. Approval of such requests 12 shall be at the sole discretion of ADMINISTRATOR and shall not be unreasonably denied. In no case 13 shall extensions be granted for more than seven (7) calendar days 14 3. In the event that CONTRACTOR does not submit an accurate and complete Cost Report 15 within one hundred and eighty (180) calendar days following the termination of this Contract, and 16 CONTRACTOR has not entered into a subsequent or new agreement for any other services with 17 COUNTY, then all amounts paid to CONTRACTOR by COUNTY during the term of the Contract shall 18 be immediately reimbursed to COUNTY. 19 B. The individual and/or consolidated Cost Report prepared for each period shall be the final 20 financial and statistical report submitted by CONTRACTOR to COUNTY, and shall serve as the basis 21 for final settlement to CONTRACTOR for that period. CONTRACTOR shall document that costs are 22 reasonable and allowable and directly or indirectly related to the services to be provided hereunder. The 23 Cost Report shall be the final financial record for subsequent audits, if any. 24 C. Final settlement shall be based upon the actual and reimbursable costs for services hereunder, less 25 applicable revenues and any late penalty, not to exceed COUNTY’s Total Aggregate Amount Not To 26 Exceed as set forth in the Referenced Contract Provisions of this Contract. CONTRACTOR shall not 27 claim expenditures to COUNTY which are not reimbursable pursuant to applicable federal, state and 28 COUNTY laws, regulations and requirements. Any payment made by COUNTY to CONTRACTOR, 29 which is subsequently determined to have been for an unreimbursable expenditure or service, shall be 30 repaid by CONTRACTOR to COUNTY in cash, or other authorized form of payment, within thirty (30) 31 calendar days of submission of the Cost Report or COUNTY may elect to reduce any amount owed 32 CONTRACTOR by an amount not to exceed the reimbursement due COUNTY. 33 D. If the Cost Report indicates the actual and reimbursable costs of services provided pursuant to 34 this Contract, less applicable revenues and late penalty, are lower than the aggregate of interim monthly 35 payments to CONTRACTOR, CONTRACTOR shall remit the difference to COUNTY. Such 36 reimbursement shall be made, in cash, or other authorized form of payment, with the submission of the 37 Cost Report. If such reimbursement is not made by CONTRACTOR within thirty (30) calendar days after 1 submission of the Cost Report, COUNTY may, in addition to any other remedies, reduce any amount 2 owed CONTRACTOR by an amount not to exceed the reimbursement due COUNTY. 3 E. If the Cost Report indicates the actual and reimbursable costs of services provided pursuant to 4 this Contract, less applicable revenues and late penalty, are higher than the aggregate of interim monthly 5 payments to CONTRACTOR, COUNTY shall pay CONTRACTOR the difference, provided such 6 payment does not exceed the Amount Not To Exceed of COUNTY. 7 F. All Cost Reports shall contain the following attestation, which may be typed directly on or 8 attached to the Cost Report: 10 "I HEREBY CERTIFY that I have executed the accompanying Cost Report and 11 supporting documentation prepared by for the cost report period 12 beginning and ending and that, to the best of my knowledge 13 and belief, costs reimbursed through this Contract are reasonable and allowable and 14 directly or indirectly related to the services provided and that this Cost Report is a true, 15 correct, and complete statement from the books and records of (provider name) in 16 accordance with applicable instructions, except as noted. I also hereby certify that I 17 have the authority to execute the accompanying Cost Report. 18 19 Signed 20 Name 21 Title 22 Date " 23

  • On Reconciliation and Settlement If the year-end reconciliation and settlement process demonstrates that the HSP received Funding in excess of its confirmed funds, the Funder will require the repayment of the excess Funding.

  • Final Report by Settlement Administrator Within 10 days after the Administrator disburses all funds in the Gross Settlement Amount, the Administrator will provide Class Counsel and Defense Counsel with a final report detailing its disbursements by employee identification number only of all payments made under this Agreement. At least 15 days before any deadline set by the Court, the Administrator will prepare, and submit to Class Counsel and Defense Counsel, a signed declaration suitable for filing in Court attesting to its disbursement of all payments required under this Agreement. Class Counsel is responsible for filing the Administrator's declaration in Court.

  • Cost Reports Seller, at its expense, shall, or shall cause the Seller Entities to, prepare and timely file all terminating and other cost reports required or permitted by law to be filed under the Medicare and Medicaid or other third party payor programs and the State Health Agency for periods ending on or prior to the Effective Time, or as a result of the consummation of the transactions described herein (“Seller Cost Reports”). If requested by the Seller Entities, Buyer shall include the applicable Seller Entity’s Medicare bad debts that are returned from collection agencies subsequent to the Closing Date on Buyer’s cost report for the respective period to which the Medicare bad debt relates. The Seller Entity shall provide detailed supporting information, as required by Medicare regulations, for the Medicare bad debt account amounts to be included on Buyer’s Medicare cost report. Buyer shall forward to Seller any and all correspondence relating to the Seller Cost Reports within five (5) business days after receipt by ▇▇▇▇▇. Buyer shall remit any receipts of funds relating to the Seller Cost Reports promptly after receipt by ▇▇▇▇▇ and shall forward to Seller any demand for payments within three (3) business days after receipt by ▇▇▇▇▇. Notwithstanding anything to the contrary in this Agreement, Seller shall retain all rights to the Seller Cost Reports including any amounts receivable or payable in respect of such reports or reserves relating to such reports and all liabilities relating thereto. Such rights shall include the right to appeal any Medicare or Medicaid determinations relating to the Seller Cost Reports. Seller shall retain the originals of the Seller Cost Reports, correspondence, work papers and other documents relating to the Seller Cost Reports. Seller will furnish copies of such cost reports to Buyer upon request.

  • Final Settlement Statement (a) As soon as practical and, in any event, no later than ninety (90) calendar days after the Closing Date, Sellers shall prepare and deliver to Buyer a statement (the “Final Settlement Statement”) setting forth Sellers’ calculation of the adjustments to the Purchase Price in accordance with Section 2.04. The Final Settlement Statement shall be prepared in accordance with this Agreement and on a basis consistent with the preparation of the Closing Statement as described in Section 2.04(d), and shall set forth Sellers’ calculation of the Adjusted Purchase Price. (b) Following the delivery of the Final Settlement Statement, Sellers shall afford Buyer the opportunity to examine the Final Settlement Statement and Sellers’ calculation of the Adjusted Purchase Price, and such supporting schedules and analyses as are reasonably necessary and appropriate in connection with such review. Sellers shall cooperate with Buyer in such examination, including responding to questions asked by Buyer, and Sellers shall make available to Buyer any records under Sellers’ control that are requested by Buyer in connection with such review. (c) If, within thirty (30) calendar days following delivery of the Final Settlement Statement to Buyer, Buyer has not delivered to Sellers written notice (the “Objection Notice”) of Buyer’s objections to the Final Settlement Statement or Sellers’ calculation of the Adjusted Purchase Price (which Objection Notice in order to be valid must contain a statement describing in reasonable detail the items objected to, the basis of such objections and Buyer’s calculation of the amount(s) for the items objected to that Buyer asserts should be used for purposes of the Final Settlement Statement), then the Adjusted Purchase Price as set forth in such Final Settlement Statement shall be deemed final and conclusive. In addition, any of Sellers’ calculations of the Adjusted Purchase Price as set forth in the Final Settlement Statement which are not objected to in the Objection Notice shall be deemed final and conclusive. (d) If Buyer delivers the Objection Notice satisfying Section 2.06(c) above, within such thirty (30)-day period, then Sellers and Buyer shall endeavor in good faith to resolve the objections of Buyer set forth in the Objection Notice for a period not to exceed fifteen (15) calendar days from the date of delivery of the Objection Notice. If at the end of such fifteen (15)-day period there are any objections that remain in dispute, then either Buyer or Sellers may require by written notice to the other that the remaining objections in dispute be submitted for resolution to the Dallas, Texas office of ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ LLP or to such other independent accounting firm as may be selected jointly by Buyer and Sellers within the ten (10) calendar days following a written request by Buyer or Sellers (▇▇▇▇▇ ▇▇▇▇▇▇▇▇ LLP or such jointly selected accounting firm, the “Referee”). The Referee’s engagement shall be limited to the resolution of disputed amounts set forth in the Final Settlement Statement that have been identified by Buyer in the Objection Notice, which resolution shall be in accordance with this Agreement and no other matter relating to the Final Settlement Statement shall be subject to determination by the Referee except to the extent affected by resolution of the disputed amounts. In connection with the engagement of the Referee, each of Buyer and Sellers shall execute any engagement, indemnity and other agreement as the Referee shall require as a condition to such engagement. If ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ LLP is unable or unwilling to serve as the Referee and Buyer and Sellers are unable to agree upon the designation of a Person as substitute arbitrator, then Buyer or Sellers, or either of them, may in writing request the Bankruptcy Court to appoint the substitute referee; provided that such Person so appointed shall be a national or regional accounting firm with no prior material relationships with Buyer or Sellers or their respective Affiliates and shall have experience in auditing companies engaged in oil and gas wellsite service activities. (e) The Referee shall determine such items of the calculation of the Adjusted Purchase Price as are disputed within thirty (30) calendar days after the objections that remain in dispute are submitted to it. (f) If any disputed items are submitted to the Referee for resolution, (i) each of Buyer and Sellers shall furnish to the Referee such workpapers and other documents and information relating to such disputed items as the Referee may request and are available to that Party or its Affiliates (or its independent public accountants) and will be afforded the opportunity to present to the Referee any materials relating to the determination of the matters in dispute and to discuss such determination with the Referee prior to any written notice of determination hereunder being delivered by the Referee; (ii) the Referee shall not assign a value to such objection that is greater than the greatest value for such objection claimed by either Party or less than the smallest value for such objection claimed by either Party; (iii) the determination by the Referee of items of the calculation of the Adjusted Purchase Price, as applicable, as set forth in a written notice delivered to Sellers and Buyer by the Referee, shall be made in accordance with this Agreement and shall be binding and conclusive on the Parties and shall constitute an arbitral award that is final, binding and unappealable (absent manifest error or fraud) and upon which a judgment may be entered by a court having jurisdiction thereof; and (iv) the fees and expenses of the Referee (the “Audit Fees”) shall be paid by and apportioned between Buyer and Sellers based on the aggregate dollar amount in dispute and the relative recovery as determined by the Referee or Sellers and Buyer, respectively (such that, by way of example, if the amount in dispute is $100 and it is resolved $70 in favor of Buyer and $30 in favor of Sellers, then Sellers would bear 70% of the Audit Fees and Buyer would bear 30% of the Audit Fees).