Compensation Funding Sample Clauses
The 'Compensation; Funding' clause defines how and when payments will be made to a party under the agreement, as well as the sources or mechanisms for providing those funds. Typically, this clause outlines the schedule of payments, the amounts due, and any conditions that must be met for compensation to be released, such as completion of certain milestones or submission of invoices. It may also specify whether funds are provided upfront, reimbursed, or held in escrow. The core function of this clause is to ensure both parties have a clear understanding of financial obligations and the process for disbursing funds, thereby reducing the risk of payment disputes and ensuring smooth financial operations throughout the contract.
Compensation Funding. 33. The PROVIDER understands that, in accordance with section 1002.71(5)(b), Florida Statutes, the PROVIDER shall receive a prepayment each month based on the PROVIDER’s child enrollment in the VPK program. The PROVIDER understands that prepayments shall be reconciled and adjusted based on actual child attendance in the program in accordance with the Agency for Workforce Innovation’s uniform attendance policy.* The PROVIDER further understands that, if the PROVIDER and the COALITION mutually agree in writing, instead of receiving prepayments, the PROVIDER shall receive a payment each month based on reimbursement for actual child attendance in the program.
34. The PROVIDER shall return to the COALITION any overpayment due to unearned funds or as result of error or funds disallowed under this Agreement. If the PROVIDER discovers an overpayment, the PROVIDER shall repay the overpayment within the timeframe specified by the COALITION without prior notification from the COALITION. If the COALITION discovers an overpayment, the COALITION shall notify the PROVIDER of the overpayment by mail. If repayment is not made by the date specified by the COALITION, the COALITION is entitled to withhold funds from the next month’s payment. See Attachment A.
35. The PROVIDER agrees that, if the end-of-year reconciliation results in a deficiency, the COALITION may withhold funds from any payments, including school readiness, owed to the PROVIDER to cover the deficiency. If the PROVIDER ceases to deliver the VPK program, the PROVIDER agrees to return the deficient funds. If the PROVIDER fails to return the deficient funds, the PROVIDER is subject to collection efforts.
36. The PROVIDER understands that, in accordance with section 1002.71, Florida Statutes, payments for a child shall not exceed funding for one full-time equivalent (FTE) child. The PROVIDER further understands that, in accordance with
37. The PROVIDER agrees to follow all payment procedures adopted by the COALITION and the Agency for Workforce Innovation.
38. If the PROVIDER is a Head Start Agency, the PROVIDER understands that, in accordance with federal law, the PROVIDER’s Head Start programs must be “in addition to, and not in substitution for, comparable services previously provided without Federal assistance” (Title 42, United States Code, section 9835(c)).
39. If the PROVIDER receives federal funds under ▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ Code, sections 6311-6322 (Title I), the PROVIDER understands that, in accordanc...
Compensation Funding. Consistent with state law, any payments by the University to ▇▇. ▇▇▇ under this Agreement that cannot be paid from public funds, shall be paid with non-public Foundation funds.
Compensation Funding