Section 417.474 - Effective date and term of contract(a)Effective date. The contract must specify its effective date, which may not be earlier than the date it is signed by both CMS and the HMO or CMP.(b)Term. The contract must specify the duration of its term as follows: (1) For the initial term, at least 12 months, but no more than 23 months.(2) For any subsequent term, 12 months.60 FR 45680, Sept. 1, 1995