§ 11-60-10 — Definitions.

For the purposes of this chapter: (1) "Authority" means the State Fiscal Accountability Authority. (2) "Independent evaluator" means a qualified person or entity selected by a state agency, and with whom a state agency contracts, to provide independent evaluation services to determine if performance measures have been achieved within a stated period under a pay-for-success contract. An independent evaluator must be identified prior to submitting a pay-for-success proposal to the authority, as required by Section 11-60-30. (3)(a) "Pay-for-success contract" means a written agreement between a state agency and a private-sector organization under which: (i) the private-sector organization provides a program or service, including a related project management service; (ii) the parties set forth performance measures for a given population over a certain period of time that the private-sector organization intends to achieve; (iii) the parties agree to an amount that the private-sector organization earns if the performance measures are achieved within the stated time period and agree that the success payment is due to the private-sector organization only if it achieves these performance measures within the stated period; and (iv) any other provisions are included as required by Section 11-60-40. (b) "Pay-for-success contract" does not mean a guaranteed energy, water, or wastewater savings contract or a contract subject to Article 9, Chapter 35, Title 11. (4) "Performance measures" means specific, measurable, time-based goals, the completion of which predicates payment under a pay-for-success contract. (5) "Private-sector organization" means a firm or nonprofit organization that contracts with a state agency in a pay-for-success contract. (6) "Success payment" means the money paid when a pay-for-success contract performance measure is met.

Legislative History

HISTORY: 2021 Act No. 52 (S.461), SECTION 2, eff May 17, 2021. Editor's Note 2021 Act No. 52, SECTION 1, provides as follows: "SECTION 1. This act must be known and may be cited as the 'South Carolina Pay-for-Success Performance Accountability Act'."