Common use of Fund Administration Clause in Contracts

Fund Administration. The Parties agree to commission the administration of the funds which constitute the price paid by THE COMPANY to THE UNL, as per the previous provision, which shall act as Unit of Technological Cooperation (Unidad de Vinculación Tecnológica.) Of such amount, THE UNL shall retain ***% as administration expenses, and shall transfer to CONICET, to a bank specific account, another ***% of such amount as an institutional contribution. THE UNL shall administer the remaining ***% of the funds provided by THE COMPANY according to the instructions of the project’s technical direction, which shall be in compliance with the terms and conditions herein. THE UNL shall provide notice to CONICET of such administration acts.