Initial Cost Settlement Clause Samples

Initial Cost Settlement. Settlement calculation which takes place after receipt of Contractor’s audited financial statements, as required in Paragraph 6.D of this agreement. County will compare the unaudited financial statements to audited financial statements. County will utilize the audited financial statements for settlement calculations. County will use the information in Contractor’s financial records to compare with the cost report in order to accommodate for any difference in the fiscal year used by County versus Contractor’s fiscal year. Upon conclusion of such review, County will issue a draft report to Contractor. Contractor shall be given thirty (30) days to respond to the draft report. County will review Contractor’s response before issuing the final report. Contractor may dispute the final report by following the procedures included in Paragraph 48 of this agreement, “DISPUTE AND ISSUE RESOLUTION.”