Common use of Distribution of Funding Clause in Contracts

Distribution of Funding. The Project Owner receives and manages the financial contributions to the Project from the Research Council and the Participants. The Project Owner disburses payments in accordance with the adopted Work Plan, reports approved by the Research Council and invoicing routines as set out in Section 7.4. A Participant is only entitled to receive payment for tasks it carries out / has procured and costs it has incurred in accordance with the adopted Work Plan. In accordance with its own accounting and management principles, each of the Participants shall be solely responsible for documenting its costs with respect to the Project, both towards the Research Council and the other Participants. The documentation shall be provided at the request of either the Project Owner or the Research Council. A Participant using less than its allocated share of the project funding will only receive payment for its actual and eligible costs in accordance with the Work Plan. A Participant using more than its allocated share of the project funding will only receive payment for the actual and eligible costs up to the amount equalling that allocated share of project funding. Disbursed funding that a Participant is 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 Participants as a result of the breach.

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