RESCISSION OF FUNDS Sample Clauses
The "Rescission of Funds" clause establishes the conditions under which previously allocated or disbursed funds may be withdrawn, canceled, or returned. In practice, this clause typically applies when certain requirements, such as project milestones or compliance obligations, are not met, or if there is a change in circumstances that affects the purpose of the funding. Its core function is to protect the party providing the funds by allowing them to recover or withhold resources if the agreed-upon terms are not fulfilled, thereby mitigating financial risk and ensuring accountability.
RESCISSION OF FUNDS. Any unobligated balances available in the SPR Petroleum Account in the Treasury on the date of enactment of this section are permanently rescinded.
(a) DEFINITION.—
RESCISSION OF FUNDS. Any unobligated balances available in the SPR Petroleum Account in the Treasury on the date of enactment of this section are permanently rescinded. TITLE IV--FEDERAL CIVILIAN AND MILITARY RETIREMENT SEC. 401. INCREASE IN CONTRIBUTIONS TO FEDERAL EMPLOYEES RETIREMENT SYSTEM FOR NEW EMPLOYEES.
(a) Definition.-- (1) In general.--Section 8401 of title 5, United States Code, is amended-- (A) in paragraph (36), by striking ``and'' at the end; (B) in paragraph (37), by striking the period and inserting ``; and''; and (C) by adding at the end the following:
RESCISSION OF FUNDS. Should the Federal Funding Source inform the State that it is rescinding funding from the State and where the State must in turn rescind from a Contractor(s) who may hold one or more Contracts for services funded under the specified Federal Funding Source, the State may take action in the following sequence;
1. Rescind the required amount of funds from unexpended funds from the designated previous period(s) of time.
2. Rescind the required amount of funds from unexpended funds from the designated current period(s) of time.
3. Decrease the required amount of funds from funds from a designated future period(s) of time. ADES Contract # DE111006001 Page 3 of 14 Doc. Rev. 5/10/10 PDF bjl 8/26/10