Common use of Interim Period Reports Clause in Contracts

Interim Period Reports. Each Interim Period report, in the prescribed FII format (as set forth in FII’s on-line application and reporting system), the Recipient must calculate and complete such Interim Period’s financial reporting requirement for the Work undertaken. The Recipient will submit each Interim Period report to FII in accordance with Table 1 – Reporting Schedule below. Each Interim Period report must be certified on behalf of the Recipient by the individual submitting the report and the certification must confirm that the report is a true and accurate representation of the financial transactions undertaken by the Recipient in respect of the Work performed during the applicable Interim Period. The operational element of the Interim Period reports must identify and summarize progress on the Work, the Recipient’s progress toward meeting or exceeding the Performance Measures as well as the portions of the Work completed during the applicable Interim Period. The Interim Period reports must detail any variances from the Project Proposal and how such variances will impact the Work and the Project Proposal’s objectives. FII will not advance the Accountable Advance applicable to an Interim Period until an Interim Period report (containing both financial and operational elements) for the previous Interim Period has been received and accepted by FII.