Final grant amount Clause Samples
The 'Final grant amount' clause defines the definitive sum of money that will be awarded under a grant agreement. It typically specifies how the final amount is determined, such as by referencing eligible costs, project milestones, or deliverables, and may outline adjustments based on actual expenditures or compliance with reporting requirements. This clause ensures both parties have a clear understanding of the total funding to be provided, thereby preventing disputes and providing financial certainty for project planning and execution.
Final grant amount. Calculation The ‘final grant amount’ depends on the actual extent to which the action is implemented in accordance with the Agreement’s terms and conditions. This amount is calculated by the [Commission][Agency] — when the payment of the balance is made (see Article 21.4) — in the following steps:
Step 1 — Application of the reimbursement rates to the eligible costs Step 2 — Limit to the maximum grant amount Step 3 — Reduction due to the no-profit rule Step 4 — Reduction due to improper implementation or breach of other obligations
5.3.1 Step 1 — Application of the reimbursement rates to the eligible costs
Final grant amount. Calculation
Step 1 Application of the reimbursement rates to the eligible costs Step 2 – Limit to the maximum grant amount Step 3 – Reduction due to the no-profit rule Step 4 – Reduction due to improper implementation or breach of other obligations
5.3.1 Step 1 — Application of the reimbursement rates to the eligible costs
Final grant amount. The final grant amount will be calculated by the Commission/Agency — at the end of the action (or in case of termination of the GA) —, in order to determine the balance to be paid. The final grant amount will depend on two types of criteria: − work implementation criteria, i.e. was the work carried out as described in Annex I? This is a technical analysis by the Commission/Agency of the work performed during the action, as compared with the activities set out in Annex 1 to the GA. − financial criteria, including: − the amount of eligible costs − the reimbursement rates − the maximum grant amount (see Article 5.1). Step 1 — Application of reimbursement rate(s) to eligible costs Step 2 — Limit to the maximum grant amount The grant amount following Steps 1 and 2 is the lower of the two amounts. Step 3 — Reduction due to the no-profit rule
Final grant amount. Calculation
▪ Step 1 Application of the reimbursement rates to the eligible costs: costs must comply with rules set in the Guide for Applicants and must be confirmed by the contractor. ▪ Step 2 — Reduction due to the no-profit rule: The grant must not produce a profit. ▪ Step 3 — Reduction due to substantial errors, irregularities or fraud or serious breach of obligations: If the grant is reduced, the contractor will calculate the reduced grant amount by deducting the amount of the reduction (calculated in proportion to the seriousness of the errors, irregularities or fraud or breach of obligations) from the maximum grant amount set out in Article 4.1.
Final grant amount. The Grantee agrees that at least one cart will be delivered to each household participating in curbside recycling service within the Grantee’s jurisdiction. SERDC agrees to pay the Grantee $23,812.75 of qualifying recycling cart costs for carts distributed to households in the City and $1,728.00 for educational campaign materials assuming that grantee satisfies the associated reporting requirements outlined in Paragraphs 5 and 6 of the SERDC Grant Agreement.