Funds Payment Request Sample Clauses
The Funds Payment Request clause establishes the process by which one party formally requests the transfer of funds from another party under the agreement. Typically, this clause outlines the required documentation, timing, and method for submitting a payment request, such as providing invoices or payment certificates and specifying the bank account details. Its core function is to ensure a clear, standardized procedure for requesting and processing payments, thereby reducing the risk of disputes or delays related to fund transfers.
Funds Payment Request. (a) Upon achievement of any relevant Milestone in accordance with item 1.3 of Schedule 1, the Recipient may submit a request for payment of the Funds in the form of a Funds Payment Request.
(b) The Department must, within 20 Business Days’ of its receipt from the Recipient of the Funds Payment Request and all other information reasonably required to determine whether or not the Payment Criteria for a Milestone are satisfied, provide the Recipient with a notice setting out:
(1) the Department’s determination as to whether or not the Payment Criteria have been satisfied; and
(2) if the Department has determined that the Payment Criteria have not been satisfied, the reasons for that determination, (Determination Notice).
(c) The Department must, within 20 Business Days of delivering a Determination Notice confirming that the Payment Criteria for a Milestone have been satisfied:
(1) deposit the Funds payable upon achievement of that Milestone into the Bank Account or Segregated Bank Account; or
(2) authorise release of the Funds payable upon achievement of that Milestone from the Segregated Bank Account, as applicable.
Funds Payment Request. (a) Upon achievement of any relevant Milestone in accordance with item 1.3 of Schedule 1, the Recipient may submit a request for payment of the Funds, in the form of a Funds Payment Request.
(b) If the Recipient has satisfied:
(1) the Payment Criteria in accordance with clause 5.3; and
(2) any other relevant requirements under this agreement, in connection with the Milestone to which the Funds Payment Request relates, the Department must, within 30 days of the above being satisfied, make payment into the Bank Account or authorise release of Funds payable upon achievement of that Milestone from the Segregated Bank Account (as applicable).
Funds Payment Request. (a) You may submit a request for payment of the Funds, in the form of a Funds Payment Request:
(1) on the Commencement Date in relation to achievement of Milestone 1 (Milestone 1 Payment Request); and
(2) upon achievement of a Subsequent Milestone (Subsequent Milestone Payment Request).
(b) The Department must promptly after receipt of the Milestone 1 Payment Request, deposit the Funds payable upon achievement of Milestone 1 into the Bank Account or authorise release of the Funds payable upon achievement of Milestone 1 from the Bank Account, as applicable.
(c) The Department must, within 20 Business Days of receipt of the Funds Payment Request and all other information reasonably required to determine whether or not the Payment Criteria are satisfied, provide You with a notice setting out the Department’s determination as to whether or not the Payment Criteria have been satisfied (Determination Notice).
(d) The Department must, within 20 Business Days of delivering a Determination Notice confirming that the Payment Criteria for a Subsequent Milestone have been satisfied:
(1) deposit the Funds payable upon achievement of that Subsequent Milestone into the Bank Account; or
(2) authorise release of the Funds payable upon achievement of that Subsequent Milestone from the Bank Account, as applicable.