Common use of Planning Cycle Clause in Contracts

Planning Cycle. The success of the planning cycle depends on the timely performance of each party. To ensure delays do not have a material adverse effect on Hospital Services or Funder operations, the following provisions apply: 13.1.1 If the Funder fails to meet an obligation or due date in Schedule B, the Funder may do one or all of the following: adjust funding for the Funding Year to offset a material adverse effect on Hospital Services resulting from the delay; and/or work with the Hospital in developing a plan to offset any material adverse effect on Hospital Services resulting from the delay, including providing Funder approvals for any necessary changes in Hospital Services. 13.1.2 At the discretion of the Funder, the Hospital may be subject to a financial reduction if the Hospital’s: financial and/or clinical data requirements are late, incomplete or inaccurate. if received within seven Days after the due date, incomplete or inaccurate, the financial penalty will be the greater of: (i) a reduction of 0.03% of the Hospital’s total Funding; or (ii) $2,000; and for every full or partial week of non-compliance thereafter, the rate will be one half of the initial financial reduction.