Rebate Administration Clause Samples
The Rebate Administration clause outlines the procedures and responsibilities related to managing and distributing rebates under an agreement. It typically specifies how rebates are calculated, the documentation required for eligibility, and the timeline for payment or crediting of rebates to the entitled party. This clause ensures that both parties understand the process for handling rebates, thereby reducing disputes and providing clarity on financial adjustments related to performance or volume targets.
Rebate Administration. Assist sellers in setting up rebate accruals, extracting and monitoring reports, collecting approvals and requesting customer payout (rebates and subsequent compensation). X
Rebate Administration. (i) The Customer acknowledges that Aetna contracts for its own account with pharmaceutical manufacturers to obtain Rebates attributable to the utilization of certain prescription products by Plan Participants who receive benefits from customers for whom Aetna provides pharmacy benefit management services. Subject to the terms and conditions set forth in this Schedule, including without limitation, Aetna may pay to the Customer, Rebates based on the utilization by Plan Participants of rebateable Prescription Drugs administered and paid through the Plan Participant’s pharmacy benefits.
(ii) If the Customer is eligible to receive Rebates under this Schedule, the Customer acknowledges and agrees that Aetna shall retain the interest (if any) on, or the time value of, any Rebates received by Aetna prior to Aetna’s payment of such Rebates to the Customer in accordance with this Schedule. Aetna may delay payment of Rebates to the Customer to allow for final adjustments or reconciliation of Service Fees or other amounts owed by the Customer upon termination of this Schedule.
(iii) If the Customer is eligible to receive a portion of Rebates under this Schedule, the Customer acknowledges and agrees that such eligibility under paragraphs a. and b. above shall be subject to the Customer’s and its affiliates’, representatives’ and agents’ compliance with the terms of this Schedule, including without limitation, the following requirements: • Election of, and compliance with, Aetna’s Formulary; • Adoption of and conformance to certain benefit plan design requirements related to the Formulary as described in Service and Fee Schedule; and • Compliance with other generally applicable requirements for participation in Aetna’s rebate program, as communicated by Aetna to the Customer from time to time. The Customer further acknowledges and agrees that if it is eligible to receive a portion of Rebates under this Schedule, such eligibility shall be subject to the condition that the Customer, its affiliates, representatives and agents do not contract directly or indirectly with any other person or entity for discounts, utilization limits, Rebates or other financial incentives on pharmaceutical products or formulary programs for Claims processed by Aetna pursuant to this Agreement, without the prior written consent of Aetna. Without limiting Aetna’s right to other remedies, failure by the Customer to obtain Aetna’s prior written consent in accordance with the immediately preceding ...
Rebate Administration