Common use of PROJECTS FUNDING Clause in Contracts

PROJECTS FUNDING. Finep and the RCN will use their own financial instruments to support the participants in the project, according to their norms, which can be found at xxxx://xxx.xxxxx.xxx.xx and xxxx://xxx.xxxxxxxxxxxxxxx.xx. The funding from Finep and the RCN will be in the form of grants. Finep will fund the Brazilian applicants and the Brazilian project partners eligible for public support. Likewise, the RCN will fund the Norwegian applicants and the Norwegian project partners eligible for public support. Eligible costs and expenses may vary according to the regulations in Brazil and Norway. Applicants must read the regulations as posted on the Finep and the RCN websites, or contact the respective national contact points in Brazil and Norway (see details in the “Contacts” section) for information. The Finep will allocate up to R$ 15 million for this joint call, with the intention of splitting the funding equally between projects within petroleum and renewable energy. Additionally, the National Fund for Science and Technology (FNDCT) will allocate up to R$ 3 million to the National Council for Scientific and Technological Development (CNPq) in order to finance international grants for participants of the Brazilian team for activities in Norway. All grants will follow the rules of the Technological Development and Innovation Abroad Junior & Senior Grants (DEJ & DES). Each Brazilian candidate company must elect a Brazilian Coordinator with updated Lattes CV that will be responsible for appointing the grantees of the approved proposal. Funding of selected projects, rules for installments, evaluation of reports and other details of the project for Finep will be define according to technical criteria regarding Brazilian legislation. If and when inaccuracies or changes in the project already approved are necessary, the Parties shall inform each other and they should be implemented only if approved by each Party.