Common use of Payment of the Funding Clause in Contracts

Payment of the Funding. 3.1 The PCC shall pay the Funding to the Beneficiary in such reasonable instalments specified by the PCC to the Beneficiary's nominated bank account notified to the PCC in writing on or before the date of this Agreement. 3.2 If any amount due under this Agreement is subject to VAT or any other tax, the PCC shall not be responsible to pay to the Beneficiary for that VAT or other tax in addition to the Funding. 3.3 The Beneficiary shall notify the PCC as soon as reasonably practicable if any underspend is forecast. 3.4 If an overpayment of the Funding is made at any time, the Beneficiary shall repay any overpayment within 30 days of receiving any request for repayment from the PCC. 3.5 Within 30 days of the end of each financial year of the duration of this Agreement, the Beneficiary shall repay to the PCC any unspent Funding for that financial year.

Payment of the Funding. 3.1 The PCC shall pay the Funding to the Beneficiary in such reasonable instalments specified by the PCC to the Beneficiary's nominated bank account notified to the PCC in writing on or before the date of this Agreement. 3.2 If any amount due under this Agreement is subject to VAT or any other tax, the PCC shall not be responsible to pay to the Beneficiary for that VAT or other tax in addition to the Funding. 3.3 The Beneficiary shall notify the PCC as soon as reasonably practicable practice if any underspend is forecast. 3.4 If an overpayment of the Funding is made at any time, the Beneficiary shall repay any overpayment within 30 days of receiving any request for repayment from the PCC. 3.5 Within 30 days of the end of each financial year of the duration of this Agreement, the Beneficiary shall repay to the PCC any unspent Funding for that financial year.