Monitoring and Managing the Available Amount Sample Clauses
The "Monitoring and Managing the Available Amount" clause establishes procedures for tracking and controlling the remaining funds or credit available under an agreement. Typically, this clause outlines the responsibilities of one or both parties to regularly monitor the available balance, report on its status, and ensure that disbursements or draws do not exceed the agreed limit. For example, it may require periodic statements or notifications when the available amount falls below a certain threshold. The core function of this clause is to prevent overspending or unauthorized use of funds, thereby maintaining financial discipline and reducing the risk of disputes over available resources.
Monitoring and Managing the Available Amount. (a) The MSP will track Total Claims Cost against the Available Amount at the conclusion of each month and will make a forecast concerning the adequacy of the Available Amount. The results will be forwarded to the MSC, at or before the next meeting of the MSC.
(b) If the MSC concludes on the basis of a reasonable forecast that the Total Claims Cost for a Fiscal Year is likely to exceed the Available Amount, the MSC will Consult with the Doctors of BC and the Ministry on developing strategies and measures to prevent the overrun of the Available Amount. While the parties agree that there will be no pro-rationing of Fees for the term of this Agreement, the parties recognize that the MSC must exercise its statutory responsibility through the use of reasonable methods within its jurisdiction, subject to the specific provisions agreed to in this Agreement. An integral part of the exercise of that responsibility will be the development of protocols and billing guidelines by the MSC. The Doctors of BC will participate in the development of those protocols and billing guidelines and the medical profession will make every effort to adhere to such protocols and billing guidelines once implemented by the MSC.
(c) In recognition of the need for all parties to this Agreement to be satisfied that the MSC continues to be effective in managing the Available Amount, the Chair of the MSC will be a non-voting member of the Physician Services Committee and will advise the Physician Services Committee at regular intervals to assess the management process. The Physician Services Committee will report the results of these meetings to the Minister, the MSC and the Board of Directors of the Doctors of BC on a timely basis.
(d) Reconciliation of the Total Claims Cost with the Available Amount for each Fiscal Year shall take place and be concluded by October 31 of the following Fiscal Year.
Monitoring and Managing the Available Amount. 13.1 On behalf of the Commission, the MSP will track Total Claims Cost against the Available Amount at the conclusion of each month and the Commission will make a forecast concerning the adequacy of the Available Amount. The results will be immediately forwarded to the BCMA. The Commission will give the BCMA written notice when the Commission's projections indicate that the Available Amount will be exceeded immediately after such a projection is accepted by the Commission. The notice will include the specific date on which the Available Amount is projected to be exceeded.
13.2 If the Commission concludes on the basis of a reasonable forecast that the total cost of claims for a fiscal year is likely to exceed the Available Amount, the Chair of the Commission shall immediately call a meeting of the Commission and, prior to that meeting, the Commission will forthwith consult with the BCMA and the Ministry on the matter. Immediately following the Commission meeting, the Commission will report to the Minister and the BCMA:
(a) the fact of the forecast that the Available Amount may be exceeded;
(b) the apparent reasons for the forecast overrun of the Available Amount; and
(c) in consultation with the BCMA, the Commission's suggestions for preventing the overrun of the Available Amount.
13.3 Reconciliation of the MSC Total Claims Cost with the Available Amount shall take place and be concluded by October 31 of the following fiscal year. In the event the reconciliation identifies that the Available Amount was still exceeded after the implementation of all measures contemplated by this Article 13, the amount of the excess will be recovered by, and in order of priority, the use of the Reserve Account, and, where the Reserve Account is insufficient to recover the amount of the excess, the Commission will determine the mechanisms for recovering the remaining difference.
13.4 It is agreed and understood that the Commission has a responsibility to manage Total Claims Cost to stay within the Available Amount.
(a) The parties further agree that the Commission must exercise this responsibility through the use of all reasonable methods within its jurisdiction, subject to the specific provisions of any Working Agreement, and this Agreement. An integral part of that management process will be the development of protocols and billing guidelines. The BCMA will participate in the development of those protocols and guidelines and the medical profession will make every effort to a...