FUNDING CONTINGENCY Sample Clauses
A Funding Contingency clause establishes that the effectiveness or continuation of an agreement is dependent on the availability or securing of necessary funds. In practice, this means that if a party is unable to obtain required financing or budget approval, they are not obligated to proceed with the contract or specific obligations within it. This clause is commonly used in real estate transactions, construction projects, or service agreements where significant funding is required. Its core function is to protect parties from being bound to commitments they cannot fulfill due to lack of financial resources, thereby allocating risk and ensuring that obligations are only enforceable if funding is secured.
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FUNDING CONTINGENCY. NOTWITHSTANDING ANYTHING IN THIS OPTION AGREEMENT TO THE CONTRARY, OWNER AND OPTIONEE ACKNOWLEDGE AND AGREE THAT THE CLOSING OF THIS TRANSACTION IS CONTINGENT UPON OPTIONEE OBTAINING FUNDING FOR THE PURCHASE. IN ORDER TO OBTAIN SUCH FUNDING, OPTIONEE SHALL PROVIDE THE TRANSACTION DOCUMENTS TO THE FUNDING ENTITIES FOR REVIEW AND APPROVAL. THE TRANSACTION DOCUMENTS MAY INCLUDE, BUT ARE NOT LIMITED TO, THE FOLLOWING:
(1) OPTION AGREEMENT;
(2) CONSERVATION EASEMENT;
(3) ENVIRONMENTAL SITE ASSESSMENT;
(4) SURVEY;
(5) APPRAISAL;
(6) ACCESS CONFIRMATION DOCUMENTS;
(7) TITLE REPORT;
(8) WATER RIGHTS DOCUMENTS; AND
(9) ANY OTHER DOCUMENTS REQUESTED BY A FUNDING ENTITY.
FUNDING CONTINGENCY a. In the event funding from state, federal, or other sources is withdrawn, reduced, or limited in any way after the effective date of this Contract and prior to completion of the work in this Contract, DCYF may:
(1) Terminate this Contract with ten (10) days advance notice. If this Contract is terminated, the parties shall be liable only for performance rendered or costs incurred in accordance with the terms of this Contract prior to the effective date of termination;
(2) Renegotiate the terms of the Contract under the new funding limitations and conditions;
(3) After a review of project expenditures and deliverable status, extend the end date of this Contract and postpone deliverables or portions of deliverables; or
(4) Pursue such other alternatives as the parties mutually agree to in writing.
b. Any termination under this Section (FUNDING CONTINGENCY) shall be considered a Termination for Convenience.
FUNDING CONTINGENCY. If funding of the Member Institution is materially reduced and the Member Institution thereby becomes unable to pay future amounts payable pursuant to this Agreement, the Member Institution may give the Licensor written notice of termination and this Agreement shall terminate for the Member Institution effective 30 days after the giving of such notice if the Member Institution has failed to pay the Fee for the calendar year in which such notice was given, or if the Member Institution has paid the Fee for the calendar year in which such notice was given, January 1 of the following year.
FUNDING CONTINGENCY. This Agreement is at all times contingent upon funding availability, which may include a single source or multiple sources, including, but not limited to: (1) ad valorem tax revenues appropriated by the District's Governing Board; (2) annual appropriations by the Florida Legislature, or (3) appropriations from other agencies or funding sources. Agreements that extend for a period of more than one Fiscal Year are subject to annual appropriation of funds in the sole discretion and judgment of the District's Governing Board for each succeeding Fiscal Year. Should the Project not be funded, in whole or in part, in the current Fiscal Year or succeeding Fiscal Years, the District shall so notify Recipient and this Agreement shall be deemed terminated for convenience five days after receipt of such notice, or within such additional time as the District may allow. For the purpose of this Agreement, “Fiscal Year” is defined as the period beginning on October 1 and ending on September 30.
FUNDING CONTINGENCY. Corporation’s fiscal year is the period between July 1 of each calendar year and June 30 of the succeeding calendar year. Corporation’s continued obligation to make payments under this Contract, beyond the current fiscal year, is contingent upon the availability of sufficient funding in each subsequent fiscal year(s).
FUNDING CONTINGENCY. University's performance under this Agreement may be dependent upon appropriation of funds by the Texas State legislature ("Legislature") and/or allocation of funds by University's Board of Regents ("Board"). If the Legislature fails to appropriate the necessary funds or the Board fails to allocate the necessary funds, University may terminate this Agreement without liability by providing written notice to Contractor.
FUNDING CONTINGENCY. If public funding of the Consortium or funding of the Consortium by the Members is materially reduced and the Consortium thereby becomes unable to pay future amounts payable pursuant to this Agreement, the Consortium may give the Licensor written notice of termination and this Agreement shall terminate effective 30 days after the giving of such notice if the Consortium has failed to pay the Fee for the calendar year in which such notice was given, or if the Consortium has paid the Fee for the calendar year in which such notice was given, January 1 of the following year.
FUNDING CONTINGENCY. This Grant is valid and enforceable only if the State’s Budget Act of the appropriate fiscal year makes sufficient funds available to the CAC for the purposes of this program. Additionally, this Grant is subject to any additional restrictions, limitations, conditions, and/or cancellation enacted by the Legislature, which may affect the provisions, terms, or funding of this Grant. The State has the authority to terminate any or all Grants.
FUNDING CONTINGENCY. If Congress makes any change in law that will affect the amount of funds authorized to be paid under this Agreement, the affected provisions in this Agreement will be automatically revised to reflect such change in funding. Under no circumstance may a payment be made under this Agreement that is in excess of the amount authorized by law at the time such amount may be owed.
FUNDING CONTINGENCY. The State Water Board’s disbursement of funds hereunder is contingent on the Recipient’s compliance with the terms and conditions of this Agreement. The State Water Board's obligation to disburse funds is contingent upon the availability of sufficient funds to permit the disbursements provided for herein. If sufficient funds are not available for any reason, including but not limited to failure of the federal or State government to appropriate funds necessary for disbursement of funds, the State Water Board shall not be obligated to make any disbursements to the Recipient under this Agreement. If this Agreement’s funding for any fiscal year expires due to reversion or is reduced, substantially delayed, or deleted by the Budget Act, by Executive Order, or by order or action of the Department of Finance, the State Water Board has the option to either cancel this Agreement with no liability accruing to the State Water Board, or offer an amendment to the Recipient to reflect the reduced amount. This provision shall be construed as a condition precedent to the obligation of the State Water Board to make any disbursements under this Agreement. Nothing in this Agreement shall be construed to provide the Recipient with a right of priority for disbursement over any other entity. If any disbursements due the Recipient under this Agreement are deferred because sufficient funds are unavailable, it is the intention of the State Water Board that such disbursement will be made to the Recipient when sufficient funds do become available, but this intention is not binding.