Common use of Distribution of Funding Clause in Contracts

Distribution of Funding. The Project Owner receives and administers the Research Council's and the Parties' financial contributions to the Project. The Project Owner disburses funds in accordance with the adopted Work Plan, reports approved by the Research Council and invoicing procedures as set out in Section 7.4. Parties are only entitled to receive payment for the duties they undertake / subcontract and costs they have incurred in accordance with the adopted Work Plan. In accordance with its own auditing and management principles, each of the Parties shall be solely responsible for documenting its own project costs, both towards the Research Council and to the other Parties. Documentation shall be provided at the request of either the Project Owner or the Research Council. A Party using less than its allocated share of the project funds will only receive payment for its actual and justified costs, in accordance with the Work Plan. A Party using more than its allocated share of the project funds will only receive payment for the actual and justified costs up to the amount equalling that allocated share of project funds. Disbursed funding that a Party is unable to document as actual and eligible costs in accordance with the Work Plan shall be repaid. A Defaulting Party shall also cover any additional costs incurred by the other Parties as a result of the breach.

Distribution of Funding. The Project Owner receives and administers manages the Research Council's and the Parties' financial contributions to the ProjectProject from the Research Council and the Participants. The Project Owner disburses funds payments in accordance with the adopted Work Plan, reports approved by the Research Council and invoicing procedures routines as set out in Section 7.4. Parties are A Participant is only entitled to receive payment for the duties they undertake tasks it carries out / subcontract has procured and costs they have it has incurred in accordance with the adopted Work Plan. In accordance with its own auditing accounting and management principles, each of the Parties Participants shall be solely responsible for documenting its own project costscosts with respect to the Project, both towards the Research Council and to the other PartiesParticipants. Documentation The documentation shall be provided at the request of either the Project Owner or the Research Council. A Party Participant using less than its allocated share of the project funds funding will only receive payment for its actual and justified costs, eligible costs in accordance with the Work Plan. A Party Participant using more than its allocated share of the project funds funding will only receive payment for the actual and justified eligible costs up to the amount equalling that allocated share of project fundsfunding. Disbursed funding that a Party Participant is unable not able to document as actual and eligible costs in accordance with the Work Plan shall be repaid. A Defaulting Party shall also cover any additional costs incurred by the other Parties Participants as a result of the breach.