Common use of Settlement Process Clause in Contracts

Settlement Process. 1. Settlement will be performed within 120 days after the end of each policy year. This settlement will include all claims and capitation payments liability incurred from October 1, of each year through September 30, of each year (“Actual Incurred Claims”) and paid prior to January 1 following that period. 2. If Actual Incurred Claims exceed the Group’s maximum annual liability for the period as Calculated in Section V. A. of this Agreement, BCBSF/HOI will pay a settlement amount equal to such excess to the Group. 3. If Actual Incurred Claims are less than or equal to the Group’s maximum annual liability for the period as calculated in Section V. A. of this Agreement, there will be no settlement payment due.