Common use of Account Report Clause in Contracts

Account Report. 6.2.1 The Research Institute shall, within thirty (30) days after the end of the Fiscal Year and expiration or termination of this Agreement or within the specified period otherwise designated by JST in writing, whichever is earlier, submit to JST an accounting report in the form set forth in Appendix 4 which includes list of expenditures including detailed information for every single expenditure except for Indirect Costs (the “Account Report”). The Research Institute is required to provide expenditure details at least the following information: the date of expenditure for Equipment, Materials & Consumables, Travel, and Others, and the date of payment for personnel; a description of the expenditure (e.g., name of item procured, destination, purpose, and period of travel, etc.); the expenditure amount; the name of supplier or party to whom payment has been made. The information must be sufficient to allow JST to verify the details of the expenditures and the Research Institute shall be solely responsible for providing JST with such information in compliance with all applicable laws and regulations including but not limited to the General Data Protection Regulation (to the extent it applies). The Account Report shall be prepared in the English language, and the Research Institute shall identify necessary and sufficient information that allows JST to verify the details of the expenditures consumed and/or purchased within the Fiscal Year. The Research Institute shall provide a written report to JST before the expiration of each Fiscal Year. Such report shall include information concerning the Equipment procured within that Fiscal Year, including: (i) date of Inspection and Acceptance; (ii) product name, model name or model number; (iii) manufacturer’s name; (iv) quantity; and (v) expenditures spent on the Equipment including tax and freight, with a copy of evidence that can prove, at a minimum, the Equipment name, cost, and date of Inspection and Acceptance or delivery (e.g. inspection and acceptance letter, delivery note, etc.). Any expenditure on Equipment which is not reported by the Research Institute to JST before the end of the Fiscal Year may not be approved by JST even if it is reported in the Account Report. 6.2.2 JST, through its employees or representatives, shall have the right to inspect at the venue of the Research Institute all books, vouchers, and other records of the Research Institute relating to the Collaborative Research to the extent JST deems reasonably necessary to determine the accuracy of the Account Report. The cost of such inspection shall be borne by JST and the Research Institute shall cooperate in good faith when audit to be implemented by JST. JST may ask the Research Institute to correct the Account Report and to return the portion of unapproved expenditure as the result of the inspection. 6.2.3 If the total costs and expenses in the Account Report approved by JST are less than the amount of the Research Funds provided by JST, JST shall issue a Request for Refund to the Research Institute for the Research Funds which was not spent, and/or was spent on items unapproved by JST, including a refund for adjusted Indirect Costs in accordance with Article 5.4, if any. Within thirty (30) days from its receipt of the Request for Refund, the Research Institute shall refund the requested amount to JST in the Research Institute's local currency by wire transfer to JST’s bank account as designated in the Request for Refund. Any withholdings whatsoever, and any taxes, duties, or levies of any kind that may be assessed on the refund, and all fees and charges for wire transfer of the refund shall be borne by the Research Institute.

Account Report. 6.2.1 The Research Institute shall, within thirty (30) days after the end of the Fiscal Year and expiration or termination of this Agreement or within the specified period otherwise designated by JST in writing, whichever is earlier, submit to JST an accounting report in the form set forth in Appendix 4 which includes list of expenditures including detailed information for every single expenditure except for Indirect Costs (the “Account Report”). The Research Institute is required to provide expenditure details at least the following information: the date of expenditure for Equipment, Materials & Consumables, Travel, and Others, and the date of payment for personnel; a description of the expenditure (e.g., name of item procured, destination, purpose, and period of travel, etc.); the expenditure amount; the name of supplier or party to whom payment has been made. The information must be sufficient to allow JST to verify the details of the expenditures and the Research Institute shall be solely responsible for providing JST with such information in compliance with all applicable laws and regulations including but not limited to the General Data Protection Regulation (to the extent it applies). The Account Report shall be prepared in the English language, and the Research Institute shall identify necessary and sufficient information that allows JST to verify the details of the expenditures consumed and/or purchased within the Fiscal Year. The Research Institute shall provide a written report to JST before the expiration of each Fiscal Year. Such report shall include information concerning the Equipment procured within that Fiscal Year, including: (i) : date of Inspection and Acceptance; (ii) ; product name, model name or model number; (iii) ; manufacturer’s name; (iv) quantity; and (v) expenditures spent on the Equipment including tax and freight, with a copy of evidence that can prove, at a minimum, the Equipment name, cost, and date of Inspection and Acceptance or delivery (e.g. inspection and acceptance letter, delivery note, etc.). Any expenditure on Equipment which is not reported by the Research Institute to JST before the end of the Fiscal Year may not be approved by JST even if it is reported in the Account Report. 6.2.2 JST, through its employees or representatives, shall have the right to inspect at the venue of the Research Institute all books, vouchers, and other records of the Research Institute relating to the Collaborative Research to the extent JST deems reasonably necessary to determine the accuracy of the Account Report. The cost of such inspection shall be borne by JST and the Research Institute shall cooperate in good faith when audit to be implemented by JST. JST may ask the Research Institute to correct the Account Report and to return the portion of unapproved expenditure as the result of the inspection. 6.2.3 If the total costs and expenses in the Account Report approved by JST are less than the amount of the Research Funds provided by JST, JST shall issue a Request for Refund to the Research Institute for the Research Funds which was not spent, and/or was spent on items unapproved by JST, including a refund for adjusted Indirect Costs in accordance with Article 5.4, if any. Within thirty (30) days from its receipt of the Request for Refund, the Research Institute shall refund the requested amount to JST in the Research Institute's local currency by wire transfer to JST’s bank account as designated in the Request for Refund. Any withholdings whatsoever, and any taxes, duties, or levies of any kind that may be assessed on the refund, and all fees and charges for wire transfer of the refund shall be borne by the Research Institute.

Account Report. 6.2.1 The Research Institute shall, within thirty (30) days after the end of the Fiscal Year and expiration or termination of this Agreement or within the specified period otherwise designated by JST in writing, whichever is earlier, submit to JST an accounting report in the form set forth in Appendix 4 which includes list of expenditures including detailed information for every single expenditure except for Indirect Costs (the “Account Report”). The Research Institute is required to provide expenditure details at least the following information: the date of expenditure for Equipment, Materials & Consumables, Travel, and Others, and the date of payment for personnel; a description of the expenditure (e.g., name of item procured, destination, purpose, and period of travel, etc.); the expenditure amount; the name of supplier or party to whom payment has been made. The information must be sufficient to allow JST to verify the details of the expenditures and the Research Institute shall be solely responsible for providing JST with such information in compliance with all applicable laws and regulations including but not limited to the General Data Protection Regulation (to the extent it applies)expenditures. The Account Report shall be prepared in the English language, and the Research Institute shall identify necessary and sufficient information that allows JST to verify the details of the expenditures consumed and/or purchased within the Fiscal Year. The Research Institute shall provide a written report to JST before the expiration of each Fiscal Year. Such report shall include information concerning the Equipment procured within that Fiscal Year, including: (i) date of Inspection and Acceptance; (ii) product name, model name or model number; (iii) manufacturer’s name; (iv) quantity; and (v) expenditures spent on the Equipment including tax and freight, with a copy of evidence that can prove, at a minimum, the Equipment name, cost, and date of Inspection and Acceptance or delivery (e.g. inspection and acceptance letter, delivery note, etc.). Any expenditure on Equipment which is not reported by the Research Institute to JST before the end of the Fiscal Year may not be approved by JST even if it is reported in the Account Report. 6.2.2 JST, through its employees or representatives, shall have the right to inspect at the venue of the Research Institute all books, vouchers, and other records of the Research Institute relating to the Collaborative Research to the extent JST deems reasonably necessary to determine the accuracy of the Account Report. The cost of such inspection shall be borne by JST and the Research Institute shall cooperate in good faith when audit to be implemented by JST. JST may ask the Research Institute to correct the Account Report and to return the portion of unapproved expenditure as the result of the inspection. 6.2.3 If the total costs and expenses in the Account Report approved by JST are less than the amount of the Research Funds provided by JST, JST shall issue a Request for Refund to the Research Institute for the Research Funds which was not spent, and/or was spent on items unapproved by JST, including a refund for adjusted Indirect Costs in accordance with Article 5.4, if any. Within thirty (30) days from its receipt of the Request for Refund, the Research Institute shall refund the requested amount to JST in the Research Institute's local currency by wire transfer to JST’s bank account as designated in the Request for Refund. Any withholdings whatsoever, and any taxes, duties, or levies of any kind that may be assessed on the refund, and all fees and charges for wire transfer of the refund shall be borne by the Research Institute.

Account Report. 6.2.1 The Research Institute shall, within thirty (30) days after the end of the Fiscal Year and expiration or termination of this Agreement or within the specified period otherwise designated by JST in writingwhich is thirty (30) days maximum after the date of the termination of the Agreement, whichever is earlier, submit to JST an accounting report in the form set forth in Appendix 4 which includes list of expenditures including expenditure details describing detailed information for every single expenditure except for Indirect Costs (the “Account Report”). The Research Institute is required to provide expenditure details at least the following information: the date of expenditure for Equipment, Materials & Consumables, Travel, and Others, and the date of payment for personnel; a description of the expenditure (e.g., name of item procured, destination, purpose, and period of travel, etc.); the expenditure amount; the name of supplier or party to whom payment has been made. The information must be sufficient to allow JST to verify the details of the expenditures and the Research Institute shall be solely responsible for providing JST with such information in compliance with all applicable laws and regulations including but not limited to the General Data Protection Regulation (to the extent it applies). The Account Report shall be prepared in the English language, and the Research Institute shall identify describe necessary and sufficient information that allows JST to verify the details of the expenditures which were consumed and/or purchased within the Fiscal Year described in Appendix 3 for the Collaborative Research activities in that Fiscal Year, based on the requirements in the Example of the List of expenditure details in Appendix 4. The As part of the Account Report above, the Research Institute shall provide a written report to JST before the expiration end of each the Fiscal Year. Such report shall include Year the following information concerning about the Equipment procured within that Fiscal Year, including: (i) date of Inspection and Acceptance; (ii) product name, model name or model number; (iii) manufacturer’s name; (iv) quantity; and (v) expenditures spent on the Equipment including tax and freight, Year with a copy of evidence that can prove, at a minimum, the Equipment nameName, costCost, and date Date of Inspection and Acceptance or delivery Delivery (e.g. inspection Inspection and acceptance letterAcceptance Letter, delivery noteDelivery Note, etce.t.c.). Any expenditure on Equipment which is not reported by If the Research Institute failed to report JST before the whole of or a part of Equipment procured within the Fiscal Year by the end of the Fiscal Year may not be approved by JST March as above, and even if it is additionally reported in the Account Report.Report afterwards, JST may not approve such Equipment as an Equipment procured by using Research Funds. The Research Institute is to bear such Equipment cost in such a case.  Date of Inspection and Acceptance of the Equipment  Product name, model name or number, manufacturer name, and quantity  Expenditure amount including tax and freight 6.2.2 JST, through its employees or representatives, shall have the right to inspect at the venue of the Research Institute all books, vouchers, and other records of the Research Institute relating to the Collaborative Research to the extent JST deems reasonably necessary to determine the accuracy of the Account Report. The cost of such inspection shall be borne by JST and the JST. The Research Institute shall cooperate in good faith when audit to be implemented by JST. . 6.2.3 JST may ask the Research Institute to correct shall approve the Account Report and to return the portion of unapproved expenditure as the result of the inspection. 6.2.3 If the total after JST confirms that all costs and expenses reported in the Account Report are reasonable and accurate. If the total amount of the costs and expenses approved by JST are in accordance with this Article 6 is less than the amount of the Research Funds provided by JST, JST shall issue a Request for Refund advanced to the Research Institute for as the Research Funds which was not spent, and/or was spent on items unapproved by JST, including a refund for adjusted Indirect Costs in accordance with Article 5.4, if any. Within thirty (30) days from its receipt of the Request for RefundFunds, the Research Institute shall refund the requested amount difference to JST in the Research Institute's local currency by wire transfer in accordance with Article 4.5. Such refund amount shall be classified as unspent and/or unapproved Direct Costs expenditures plus Indirect Costs calculated by multiplying the unspent and/or unapproved Direct Costs by the rate agreed for the Fiscal Year pursuant to JST’s bank account as designated in the Request for RefundArticle 5.3, which shall not exceed 30%. Any withholdings whatsoever, and any taxes, duties, or levies of any kind that may be assessed on the refund, and all fees and charges for wire transfer of the refund shall be borne paid by the Research Institute.