Examples of Contract Year 2 in a sentence
Since a withdrawal occurred during Contract Year 2, no annual credit will be applied to the Protected Payment Base and Remaining Protected Balance on any Contract Anniversary following the withdrawal.
Since no withdrawal occurred prior to the Contract Anniversary at the Beginning of Contract Year 2, an annual credit of $12,000 (6% of the initial Remaining Protected Balance plus cumulative Purchase Payments received after the Rider Effective Date) is applied to the Protected Payment Base and Remaining Protected Balance on that Contract Anniversary, increasing both to $212,000.
Additionally, Seller may provide Notice to Buyer during Contract Year 1 or Contract Year 2 of the Delivery Term to request a one (1) time decrease to the Contract Quantity for any or all Contract Years in the Delivery Term Contract Quantity Schedule.
For example, if the first anniversary date of the effective date of this Contract is July 15, 2021 and Customer achieves a different tier for Contract Year 2 than was effective in Contract Year 1, then the price change as a result of the annual adjustment pursuant to this section and the tier adjustment will be scheduled to occur on the same date no later than July 30, 2021.
Based upon the results, the Agency will determine if the performance targets proposed by the Managed Care Plan need to be adjusted for the remainder of the Contract term (Contract Year 2 through 5).