Common use of Recovery of Grant Funds Clause in Contracts

Recovery of Grant Funds. The ICA requires the NMCRA to include in its contracts or grant agreements a “clawback” provision that requires the NMCRA to “clawback” or rescind and recover funding from any entity or contractor to which it provides funding which does not substantially comply with the provisions of its agreement with the NMCRA by demanding repayment of such funds in writing, including recovery of penalties or liquidated damages, to the extent allowed by law, as well as attorney’s fees and interest, and pursuing collection or legal action, to the fullest extent allowable by law, if feasible. Grantee and the NMCRA acknowledge and agree that Section 12 of this Agreement is intended to constitute the clawback provisions required by the ICA.

Recovery of Grant Funds. The ICA requires the NMCRA to include in its contracts or grant agreements a “clawback” provision that requires the NMCRA to “clawback” or rescind and recover funding from any entity or contractor to which it provides funding which does not substantially comply with the provisions of its agreement with the NMCRA by demanding repayment of such funds in writing, including recovery of penalties or liquidated damages, to the extent allowed by law, as well as attorney’s fees and interest, and pursuing collection or legal action, to the fullest extent allowable by law, if feasible. Grantee and the NMCRA acknowledge and agree that Section 12 13 of this Agreement is intended to constitute the clawback provisions required by the ICA.