Funding Disbursement Clause Samples
The Funding Disbursement clause outlines the process and conditions under which funds will be released from one party to another under an agreement. Typically, it specifies the schedule of payments, such as lump sum or milestone-based disbursements, and may require documentation or proof of progress before each payment is made. This clause ensures that both parties have a clear understanding of when and how funds will be transferred, reducing the risk of disputes and ensuring that financial obligations are met in a timely and orderly manner.
Funding Disbursement. The amount Mattawan Consolidated School receives from outside agencies per intern/student teacher will be deposited in the school’s account for the supervising Bargaining Unit Member to purchase items for his/her professional use. The Business Office will notify supervising Bargaining Unit Member when funds have been received and are available to spend.
Funding Disbursement. 4.2.1 Transferred grant funds shall be deposited by the Grantee in a separate project account carrying the name and number of the project and the funds shall be expended from the account only as authorized under the terms of this Grant Agreement.
4.2.2 All requests for reimbursement shall be accompanied by reasonable assurance (documentation, receipts, invoices, etc.) that the goods and services for which payment is requested were actually received and performed. The Authority has the right to disallow contributions determined inappropriate or unreasonable.
4.2.3 Payments will be made upon approval by the Authority.
Funding Disbursement. The Grantor will distribute ½ of the Grant Funds to the Grantee within fourteen (14) business days following execution of this Agreement, and the remainder ½ within 14 days upon receipt of the 6-month report as outlined on Addendum 1: Funding Disbursement Schedule
Funding Disbursement. It is expressly agreed and understood that the total amount to be paid by the City under this contract shall not exceed $2,000.00 per household as a fee for each closed home purchase loan. The Contractor shall provide the City with an invoice and complete loan application along with all necessary documentation. All documentation shall be submitted to the Planning & Housing Division, 1104 ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇. Avenue, Lakeland, Florida 33805. The City shall pay to the Contractor funds available under this Agreement based upon documentation submitted by the Contractor and upon closing on the client/recipient’s home purchase. No payment for services shall be made without a completed home purchase package. Minimum documentation shall include, but not be limited to: • Loan Summary • Applicant Certification of Federal Assistance • Household Certification and Consent Form • Homebuyer Education Certificate of Completion • Copies of Driver’s License and Social Security Cards • Transmittal Summary • Good Faith Estimate of ▇▇▇▇▇▇▇▇’s Settlement Costs • Signed Loan Application • Credit Report • Guideform Notice - Disclosures to Seller with Voluntary, Arm’s Length Purchase Offer • URA - Owner’s Statement of Occupancy Status • Sales Contract • Appraisal • Certificate of Occupancy • Income Certification • Income Verifications The Contractor shall not produce program income as a result of administering these funds for this program. COVID-19 relief activities shall be expended through CDBG-CV3 funding no later than September thirtieth (30th) 2023. Contractor will provide intake processing for 30 mortgage assistance applications for assistance up to six months per application with a total budget of $150,000. The contractor shall submit documentation to support the reason for mortgage or forbearance assistance is due to COVID-19 impacts. Contractor may request 5% of the award amount approved for each acceptable application be provided for administrative costs and may further request an additional 5% of the amount of the award approved for each acceptable application be provided for program delivery costs.
Funding Disbursement. The City shall provide timely disbursement of funds in accordance with the payment schedule.
Funding Disbursement. The Executive Office of Health and Human Services (EOHHS) and Health Resources in Action (HRiA), an EOHHS vendor, will manage Grant Agreements and distribution of funds from the HRSN Integration Fund in accordance with Section 6.10 of the Grant Application. HRiA will contract with Grantees. HRiA will issue one lump sum payment upon receipt of this signed Grant Agreement to the Grantee. For Grantees awarded funds for implementing and operationalizing Hubs, HRiA will issue two lump sum payments. HRiA will issue the first lump sum payment upon receipt of this signed Grant Agreement to the Grantee and HRiA will issue the second lump sum payment approximately six months following the first lump sum payment. The Grantee is required to monitor spending under this award and maintain sufficient records of all financial transactions for up to seven years. In receiving the grant, ▇▇▇▇▇▇▇ acknowledges that it will comply with the fiscal management guidelines as stated in this Grant Agreement.
Funding Disbursement. After ▇▇▇▇▇▇▇▇'s satisfaction of the conditions set forth in Section 4.3 below, the Predevelopment Loan shall be funded in accordance with the following requirements:
(a) Following satisfaction of the conditions set forth herein, the City shall disburse the Predevelopment Loan Proceeds to Borrower up to the amount of the Predevelopment Loan, for the sole purpose of paying for those Predevelopment Costs set forth in Exhibit B.
(b) The Predevelopment Loan Proceeds will be disbursed to Borrower only upon a request for disbursement by Borrower and upon the City's approval of invoices, contracts and other documentation satisfactory to City delineating Predevelopment Costs satisfactorily performed. Borrower shall submit to the City a written request for disbursement of a specific dollar amount. The City shall review such request and the supporting documentation and, within ten (10) business days from receipt thereof, shall either (i) approve such request and make the requested disbursement, or (ii) disapprove all or a portion of such request, and notify Borrower in writing of the reason for such disapproval, in which case Borrower shall modify its request to correct the stated deficiency and repeat the process outlined above.
(c) ▇▇▇▇▇▇▇▇'s request(s) for disbursement of Predevelopment Loan Proceeds under this Agreement and actual disbursement by the City shall be completed no later than the expiration of the Term or termination of this Agreement.
(d) Nothing herein shall be deemed to require disbursement of the full amount of the Predevelopment Loan if the requirements above are not satisfied.
Funding Disbursement. The funding applicant is required to apply the funding disbursement and the funding will be disbursed under the following mechanism:
(a) An initial payment of 50% of the approved funding support (the “First Disbursement”) will be paid to the solution provider upon the funding applicant’s confirmation of the Solution Deployment and provision of evidence to the satisfaction of HKCMCL (e.g. receipt from the solution provider showing that it has paid its matching share of the cost for the adopted solution) through the Programme’s website within 6 months after approval of the application. Any other relevant supporting documents may be requested to the satisfaction of HKCMCL and
(b) After 6 months from the approval of the application, the remaining amount of approved funding support (the “Second Disbursement”) will be made to the solution provider upon approval by HKCMCL of the final report and any other relevant supporting documents which may be requested by HKCMCL. • In case of any dispute between the applicant and solution provider, the Government and HKCMCL shall be entitled to withhold payment of any approved funding without any liability towards the applicant or solution provider.