Each pay-for-success contract must include the following:
(1) a full and thorough description of the objectives of the pay-for-success contract; a clear description of the program, service, or project management services to be performed by the private-sector organization; a clear statement of the outcomes sought to be achieved for a certain population; the time period under which the outcomes must be achieved; a clear statement of the performance measures used to measure the outcomes; an analysis of how the defined performance measures will demonstrate progress in addressing the objectives; and how achieving the objectives should provide a significant public benefit;
(2) a requirement that the state agency will transfer funds to fully cover the success payment under the pay-for-success contract to the trust account that is specifically established for pay-for-success contracts provided in Section 11-60-50;
(3) a requirement that any success payment is conditioned on achieving specific outcomes based on the defined performance measures, as evaluated by an independent evaluator;
(4) a requirement that the private-sector organization provide evidence that the private-sector organization has secured all of the necessary financing before service delivery begins;
(5) a description of the data each state agency involved in developing the pay-for-success contract will provide to the private-sector organization. Data will be provided by the state agency only to the extent permissible by law;
(6) the objective process that an independent evaluator, procured by the state agency, will use to monitor program progress and determine if a performance measure is achieved;
(7) the reporting requirements the private-sector organization must provide to the state agency regarding the private-sector organization's progress in meeting the performance measures;
(8) the method that will be used to calculate the amount and timing of success payments to the private-sector organization during the pay-for-success contract if the independent evaluator determines that the private-sector organization achieves a performance measure;
(9) the terms under which a pay-for-success contract may be terminated.