Section 550.203  Content of Contracts

a)         Each contract must include provisions defining a sound and complete agreement, including the:

1)         Nature, scope, and extent of work to be performed;

2)         Time frame for performance;

3)         Total cost for the agreement; and

4)         Payment provisions.

b)         All contracts entered by the Agency shall meet the contract contents requirements established by the State Comptroller.  (74 Ill. Adm. Code 290)

c)         Contracts that are executed prior to June 30 of a fiscal year which will be performed in a succeeding fiscal year and contracts that are executed during a fiscal year which will extend into the lapse period (July 1 - September 30) of the following fiscal year shall recite that they are subject to termination and cancellation in any year for which the General Assembly fails to make an appropriation to make payments under the terms of such contracts.