(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 § 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 § 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 of 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.