(A) Each performance contract entered into by the department of education and the fiscal agent of a region for implementation of a state or regional education initiative or school improvement effort shall include the following:

1. (1) An explanation of how the regional needs and priorities for educational services have been identified by the advisory council of the region, the advisory council's subcommittees, and the department;
2. (2) A definition of the services to be provided to school districts, community schools, and chartered nonpublic schools in the region, including any services provided pursuant to division (A) of section 3302.04 of the Revised Code;
3. (3) Expected outcomes from the provision of the services defined in the contract;
4. (4) The method the department will use to evaluate whether the expected outcomes have been achieved;
5. (5) A requirement that the fiscal agent develop and implement a corrective action plan if the results of the evaluation are unsatisfactory;
6. (6) Data reporting requirements;
7. (7) The aggregate fees to be charged by the fiscal agent and any entity with which it subcontracts to cover personnel and program costs associated with administering the contract, which fees shall be subject to controlling board approval if in excess of four per cent of the value of the contract.