Definitions

As used in the Pay for Success Act: 1. "Pay–for-success contract" or "contract" means a written agreement executed in order to create a public-private partnership contingent upon a specified service or program meeting specified performance targets and outcome measures; and 2. "Success payment" means a single payment or schedule of payments that is identified in a pay-for-success contract to be paid when specified performance targets and outcome measures are met. Added by Laws 2019, c. 202, § 3, eff. Nov. 1, 2019.