Common use of Payment Specifications Clause in Contracts

Payment Specifications. 1. Contractor shall accept premium payments in accordance with the payment procedures described in MS-IFB Section 3.3, Invoicing. 2. Contractor shall conform to the State's payment procedures for payment of administrative fees as outlined below. a. Contractor agrees to accept monthly payments of PPPM administration fees for EGWP members based on the State's deduction report data (calculated by the State). b. Contractor agrees to accept monthly payments of PMPM administration fees for non-EGWP members based on the State's deduction report data (calculated by the State). c. Contractor agrees to accept payment processed through normal State transmittal process (i.e., transmittal sent to Annapolis, electronic funds transfer to Contractor). Payment is usually made by the 15th of each month for the preceding month. d. For any recoveries as a result of fraud investigations and audits, the Contractor shall pay the State using one of the following methods: i.) A separate check payment and provide documented substantiation; or ii.) Claim reversals/credits for which recoveries flow through to the State in the invoice, and for which the Contractor shall provide detailed reports that specifically document such reversals/credits in order to fulfill the State's accounting requirements. e. The Contractor agrees that the only compensation to be received by or on behalf of its organization in connection with this Plan shall be that which is paid directly by the State. f. The Contractor agrees that, upon contract termination or expiration, the cost of any work required by a new administrator to bring records in unsatisfactory condition up to date shall be the obligation of the new administrator and such expenses shall be reimbursed by the Contractor within three (3) months of the end of the contract term. 3. Contractor shall confirm bank transfers as they occur.