Programme fund Management Sample Clauses
Programme fund Management. 9.2.1 Within 1 Business Day of its receipt of any payment from a Borough Council pursuant to Clause 8.1.2 Kent shall credit the Programme Investment Fund with that money.
9.2.2 Kent shall use its reasonable endeavours to secure value for money when applying the Programme Fund Money to Works.
9.2.3 Kent may deduct Programme Overheads from the Programme Management Fund subject to a cap on the recovery of costs of [5%] of the Programme Investment Fund.5 6 4 If a Council makes an additional contribution should they get their money out first (or some portion of it) prior to the Residual Funds being dispersed? 5 This would be better with an annual amount subject to inflation. Alternatively confirm whether it is 5% of the money held annually or over the term of the agreement. If the latter then the term would need to be finite. 6 Payment of ▇▇▇▇ could give rise to procurement law issues.
Programme fund Management. 7.2.1 Within three (3) Business Days of its receipt of any payment from a Borough Council pursuant to Clause 8.1.2 Kent shall credit the Programme Investment Fund with that money.
7.2.2 Kent shall use its reasonable endeavours to secure value for money when applying the Programme Investment Fund Money to the Proposed Schemes.
7.2.3 Kent may deduct Programme Overheads from the Programme Investment Fund subject to a cap of 1.75% of the total estimated cost of the Programme. 4
7.2.4 Kent may, with the prior written approval (such approval not to be unreasonably withheld or delayed) of the other Parties, incur expenditure on goods, services or premises required for the discharge of its duties under this Agreement (Exceptional Expenditure). Where Kent incurs Exceptional Expenditure with the prior approval of the Parties to this Agreement such expenditure shall not count for the purposes of the cap on recovery of Programme Overheads in Clause 7.2.3.
7.2.5 Where Kent draws upon prudential borrowings in accordance with Clause 4.1.3 for the purposes of the delivery of a Proposed Scheme, Kent may deduct any Borrowing Costs from the Programme Investment Fund.
7.2.6 Kent shall:
(a) maintain and operate effective monitoring and financial management systems for the Programme in order to control expenditure and to ensure that the costs of achieving the objectives, activities and milestones set out in the Strategy can be clearly identified; and
(b) keep a record of eligible expenditure and all income generated by the Programme, and retain all accounting records relating to that expenditure and income for a period of at least six years after the end of the Programme.
7.2.7 [Kent shall not be permitted to deduct liabilities from the Programme Investment Fund arising from the HCA Grant Agreement or the DFT Grant Agreement if those liabilities are the result of Kent's negligence, fraud or a contractual breach of either the HCA Grant Agreement or the DFT Grant Agreement.] 3 How is VAT on Programme expenditure to be treated? 4 Payment of Kent could give rise to procurement law issues.