Common use of Responsibilities of the Company Clause in Contracts

Responsibilities of the Company. a) The Company shall: I. Discharge its duties, responsibilities and execute its activities as set out in Annexure 1 and shall conform to the specified objectives, outputs, milestones, and targets therein; II. Meet the expenditure for the Project activities to the extent as agreed to, through its own resources, as per details given in Annexure 2 III. Submit utilization certificates and statements of accounts duly audited and/or certified by a chartered accountant for the expenditure incurred towards the Project for every year period, 31st March, to IGSTC, within a month of closure of the accounts for the respective year, in the format provided by IGSTC; IV. Submit a annual progress report to IGSTC as per the Project deliverables and participate in the meetings organized by IGSTC to review/ monitor the progress of the Project, as and when called for; V. Permit IGSTC and Monitoring Committees to access to the premises, during regular business hours, where the Project is being/shall be implemented and provide all information and produce or make available the concerned records for inspection and monitoring of the Project activity, as required by IGSTC; VI. Obtain all the necessary requisite approvals, clearance certificates, permissions and licenses from the Government/local authorities for conducting its activities/ operations in connection with the Project; VII. Keep the grant-in-aid assistance in separate no-lien account in the name of the Company with a Scheduled Bank (as defined under the RBI Act, 1934), the withdrawals and payments from which account shall be subject to verification by IGSTC. It shall also obtain and furnish to IGSTC a letter from the concerned bank foregoing the right of set off or lien in respect of such account. VIII. Further, the interest earned on the grant-in-aid if any kept in the bank account should be reported to IGSTC in cases where the IGSTC funding has grant-in-aid component. The interest thus earned will be adjusted towards further installment of the fund. IX. Utilize the funds sanctioned by IGSTC towards the Project only for the purposes as specified in the Project and shall not entrust the implementation of the Project to another agency or divert the grant-in-aid assistance; X. Pay royalty to IGSTC in accordance with Clause 6; XI. Abide by the decisions of IGSTC to modify the objectives, outputs, milestones, targets, funding as also the foreclosure of the Project or any of its components as may be arrived at after mutual discussion; XII. Acknowledge the assistance of IGSTC while publishing or presenting in any manner the details of the Project, its progress or its success along with the “Disclaimer” that reference therein to any specific commercial product, process, views or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or assuming liability of any sort by the IGSTC. b) The Company warrants that I. It shall not at any time within the Project Duration, without the written consent of IGSTC, enter into any Agreement or arrangement with any third party, national or international on the Project; II. It is under no contractual restrictions or legal disqualifications or any other obligations which would prohibit the Company from entering into this Agreement or which will interfere with the execution of this Agreement; and III. Each and every one of the statements and particulars herein contained in this Agreement and in the relevant and supporting documents to this Agreement are correct. c) The Company acknowledges and agrees that: I. The duties, responsibilities and functions assigned or entrusted to it as specified in the Project shall be deemed to be the duties, responsibilities and functions assigned and entrusted to it under this Agreement and unless for reasons beyond control under normal circumstances, any undue delay, failure or default in performance of the duties, responsibilities and functions as specified in the Project shall be deemed to be a default under this Agreement; II. It shall, at all times, indemnify and keep indemnified IGSTC against any claims or suits in respect of any losses, damages or compensation payable in consequences of any accident, death or injury sustained by the employees of the Company or by any other third party resulting from or by any act, omission or operation conducted by or on its behalf; III. It shall, at all times, indemnify and keep indemnified IGSTC against all claims/damages etc. by any infringement of any Intellectual Property Rights (IPR) while carrying out its responsibilities/work under the Project and this Agreement; and IV. IGSTC shall reserve the right to reconsider further funding assistance, governance of the New Intellectual Property and consider refund of the amount of grant-in-aid in such circumstances of change of control as mentioned the following paragraphs; a. The Company shall not undertake or permit any merger, consolidation, reorganization scheme of arrangement or compromise with its creditors or shareholders or effect any scheme of amalgamation or reconstitution or substantial expansion without prior information of at least 30 days to IGSTC. The word ‘substantial expansion’ shall have the same meaning as under the Industries (development and Regulation) Act, 1951. b. The Company shall inform IGSTC within 30 (thirty) days, if it has notice of any application for winding up having been made or any statutory notice of winding up under the provisions of the Companies Act, 1956, or any other notice under any other Act or otherwise of any suit or other legal process intended to be filed or initiated against the Company and affecting the title to the properties of the Company or if a receiver is appointed of any of its properties or business or undertaking. c. It shall notify IGSTC of any material change in its incorporation status, shareholding, Project Coordinator or any such change that would impact on performance of its obligations under the Project and this Agreement.

Responsibilities of the Company. a) The Company shall: I. : Discharge its duties, responsibilities and execute its activities as set out in Annexure 1 and shall conform to the specified objectives, outputs, milestones, and targets therein; II. ; Meet the expenditure for the Project activities to the extent as agreed to, through its own resources, as per details given in Annexure 2 III. 2 Submit utilization certificates and statements of accounts duly audited and/or certified by a chartered accountant for the expenditure incurred towards the Project for every year period, 31st March, to IGSTC, within a month of closure of the accounts for the respective year, in the format provided by IGSTC; IV. ; Submit a annual progress report to IGSTC as per the Project deliverables and participate in the meetings organized by IGSTC to review/ monitor the progress of the Project, as and when called for; V. ; Permit IGSTC and Monitoring Committees to access to the premises, during regular business hours, where the Project is being/shall be implemented and provide all information and produce or make available the concerned records for inspection and monitoring of the Project activity, as required by IGSTC; VI. ; Obtain all the necessary requisite approvals, clearance certificates, permissions and licenses from the Government/local authorities for conducting its activities/ operations in connection with the Project; VII. ; Keep the grant-in-aid assistance in separate no-lien account in the name of the Company with a Scheduled Bank (as defined under the RBI Act, 1934), the withdrawals and payments from which account shall be subject to verification by IGSTC. It shall also obtain and furnish to IGSTC a letter from the concerned bank foregoing the right of set off or lien in respect of such account. VIII. Further, the interest earned on the grant-in-aid if any kept in the bank account should be reported to IGSTC in cases where the IGSTC funding has grant-in-aid component. The interest thus earned will be adjusted towards further installment of the fund. IX. Utilize the funds sanctioned by IGSTC towards the Project only for the purposes as specified in the Project and shall not entrust the implementation of the Project to another agency or divert the grant-in-aid assistance; X. ; Pay royalty to IGSTC in accordance with Clause 6; XI. ; Abide by the decisions of IGSTC to modify the objectives, outputs, milestones, targets, funding as also the foreclosure of the Project or any of its components as may be arrived at after mutual discussion; XII. ; Acknowledge the assistance of IGSTC while publishing or presenting in any manner the details of the Project, its progress or its success along with the “Disclaimer” that reference therein to any specific commercial product, process, views or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or assuming liability of any sort by the IGSTC. b) . The Company warrants that I. that It shall not at any time within the Project Duration, without the written consent of IGSTC, enter into any Agreement or arrangement with any third party, national or international on the Project; II. ; It is under no contractual restrictions or legal disqualifications or any other obligations which would prohibit the Company from entering into this Agreement or which will interfere with the execution of this Agreement; and III. and Each and every one of the statements and particulars herein contained in this Agreement and in the relevant and supporting documents to this Agreement are correct. c) . The Company acknowledges and agrees that: I. : The duties, responsibilities and functions assigned or entrusted to it as specified in the Project shall be deemed to be the duties, responsibilities and functions assigned and entrusted to it under this Agreement and unless for reasons beyond control under normal circumstances, any undue delay, failure or default in performance of the duties, responsibilities and functions as specified in the Project shall be deemed to be a default under this Agreement; II. ; It shall, at all times, indemnify and keep indemnified IGSTC against any claims or suits in respect of any losses, damages or compensation payable in consequences of any accident, death or injury sustained by the employees of the Company or by any other third party resulting from or by any act, omission or operation conducted by or on its behalf; III. ; It shall, at all times, indemnify and keep indemnified IGSTC against all claims/damages etc. by any infringement of any Intellectual Property Rights (IPR) while carrying out its responsibilities/work under the Project and this Agreement; and IV. and IGSTC shall reserve the right to reconsider further funding assistance, governance of the New Intellectual Property and consider refund of the amount of grant-in-aid in such circumstances of change of control as mentioned the following paragraphs; a. ; The Company shall not undertake or permit any merger, consolidation, reorganization scheme of arrangement or compromise with its creditors or shareholders or effect any scheme of amalgamation or reconstitution or substantial expansion without prior information of at least 30 days to IGSTC. The word ‘substantial expansion’ shall have the same meaning as under the Industries (development and Regulation) Act, 1951. b. . The Company shall inform IGSTC within 30 (thirty) days, if it has notice of any application for winding up having been made or any statutory notice of winding up under the provisions of the Companies Act, 1956, or any other notice under any other Act or otherwise of any suit or other legal process intended to be filed or initiated against the Company and affecting the title to the properties of the Company or if a receiver is appointed of any of its properties or business or undertaking. c. . It shall notify IGSTC of any material change in its incorporation status, shareholding, Project Coordinator or any such change that would impact on performance of its obligations under the Project and this Agreement.

Responsibilities of the Company. (a) The Company shall: I. Discharge i. discharge its duties, responsibilities and execute its activities as set out in Annexure 1 and shall conform to the specified objectives, outputs, milestones, and targets therein; IIii. Meet the expenditure for the Project activities to the extent as agreed to, through its own resources, as per details given in Annexure 2 IIIiii. Submit utilization certificates and statements of accounts duly audited and/or certified by a chartered accountant for the expenditure incurred towards the Project for every year period, 31st March, to IGSTC, within a month of closure of the accounts for the respective year, in the format provided by IGSTC; IViv. Submit a annual progress report to IGSTC as per the Project deliverables and participate in the meetings organized by IGSTC to review/ monitor the progress of the Project, as and when called for; V. v. Permit IGSTC and Monitoring Committees to access to the premises, during regular business hours, where the Project is being/shall be implemented and provide all information and produce or make available the concerned records for inspection and monitoring of the Project activity, as required by IGSTC; VIvi. Obtain all the necessary requisite approvals, clearance certificates, permissions and licenses from the Government/local authorities for conducting its activities/ operations in connection with the Project; VIIvii. Keep the grant-in-aid assistance in separate no-lien account in the name of the Company with a Scheduled Bank (as defined under the RBI Act, 1934), the withdrawals and payments from which account shall be subject to verification by IGSTC. It shall also obtain and furnish to IGSTC a letter from the concerned bank foregoing the right of set off or lien in respect of such account. VIIIviii. Further, the interest earned on the grant-in-aid if any kept in the bank account should be reported to IGSTC in cases where the IGSTC funding has grant-in-aid component. The interest thus earned will be adjusted towards further installment of the fund. IXix. Utilize the funds sanctioned by IGSTC towards the Project only for the purposes as specified in the Project and shall not entrust the implementation of the Project to another agency or divert the grant-in-aid assistance; X. x. Pay royalty to IGSTC in accordance with Clause 6; XIxi. Abide by the decisions of IGSTC to modify the objectives, outputs, milestones, targets, funding as also the foreclosure of the Project or any of its components as may be arrived at after mutual discussion; XIIxii. Acknowledge the assistance of IGSTC while publishing or presenting in any manner the details of the Project, its progress or its success along with the “Disclaimer” that reference therein to any specific commercial product, process, views or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or assuming liability of any sort by the IGSTC. (b) The Company warrants that I. i. It shall not at any time within the Project Duration, without the written consent of IGSTC, enter into any Agreement or arrangement with any third party, national or international on the Project; IIii. It is under no contractual restrictions or legal disqualifications or any other obligations which would prohibit the Company from entering into this Agreement or which will interfere with the execution of this Agreement; and IIIiii. Each and every one of the statements and particulars herein contained in this Agreement and in the relevant and supporting documents to this Agreement are correct. (c) The Company acknowledges and agrees that: I. i. The duties, responsibilities and functions assigned or entrusted to it as specified in the Project shall be deemed to be the duties, responsibilities and functions assigned and entrusted to it under this Agreement and unless for reasons beyond control under normal circumstances, any undue delay, failure or default in performance of the duties, responsibilities and functions as specified in the Project shall be deemed to be a default under this Agreement; IIii. It shall, at all times, indemnify and keep indemnified IGSTC against any claims or suits in respect of any losses, damages or compensation payable in consequences of any accident, death or injury sustained by the employees of the Company or by any other third party resulting from or by any act, omission or operation conducted by or on its behalf; IIIiii. It shall, at all times, indemnify and keep indemnified IGSTC against all claims/damages etc. by any infringement of any Intellectual Property Rights (IPR) while carrying out its responsibilities/work under the Project and this Agreement; and IViv. IGSTC shall reserve the right to reconsider further funding assistance, governance of the New Intellectual Property and consider refund of the amount of grant-in-aid in such circumstances of change of control as mentioned the following paragraphs; a. a) The Company shall not undertake or permit any merger, consolidation, reorganization scheme of arrangement or compromise with its creditors or shareholders or effect any scheme of amalgamation or reconstitution or substantial expansion without prior information of at least 30 days to IGSTC. The word ‘substantial expansion’ shall have the same meaning as under the Industries (development and Regulation) ActXxx, 19510000. b. b) The Company shall inform IGSTC within 30 (thirty) days, if it has notice of any application for winding up having been made or any statutory notice of winding up under the provisions of the Companies Act, 1956, or any other notice under any other Act or otherwise of any suit or other legal process intended to be filed or initiated against the Company and affecting the title to the properties of the Company or if a receiver is appointed of any of its properties or business or undertaking. c. c) It shall notify IGSTC of any material change in its incorporation status, shareholding, Project Coordinator or any such change that would impact on performance of its obligations under the Project and this Agreement.

Responsibilities of the Company. (a) The Company shall: I. Discharge i. discharge its duties, responsibilities and execute its activities as set out in Annexure 1 and shall conform to the specified objectives, outputs, milestones, and targets therein; IIii. Meet the expenditure for the Project activities to the extent as agreed to, through its own resources, as per details given in Annexure 2 IIIiii. Submit utilization certificates and statements of accounts duly audited and/or certified by a chartered accountant for the expenditure incurred towards the Project for every year period, 31st March, to IGSTC, within a month of closure of the accounts for the respective year, in the format provided by IGSTC; IViv. Submit a annual progress report to IGSTC as per the Project deliverables and participate in the meetings organized by IGSTC to review/ monitor the progress of the Project, as and when called for; V. v. Permit IGSTC and Monitoring Committees to access to the premises, during regular business hours, where the Project is being/shall be implemented and provide all information and produce or make available the concerned records for inspection and monitoring of the Project activity, as required by IGSTC; VIvi. Obtain all the necessary requisite approvals, clearance certificates, permissions and licenses from the Government/local authorities for conducting its activities/ operations in connection with the Project; VIIvii. Keep the grant-in-aid assistance in separate no-lien account in the name of the Company with a Scheduled Bank (as defined under the RBI Act, 1934), the withdrawals and payments from which account shall be subject to verification by IGSTC. It shall also obtain and furnish to IGSTC a letter from the concerned bank foregoing the right of set off or lien in respect of such account. VIIIviii. Further, the interest earned on the grant-in-aid if any kept in the bank account should be reported to IGSTC in cases where the IGSTC funding has grant-in-aid component. The interest thus earned will be adjusted towards further installment of the fund. IXix. Utilize the funds sanctioned by IGSTC towards the Project only for the purposes as specified in the Project and shall not entrust the implementation of the Project to another agency or divert the grant-in-aid assistance; X. x. Pay royalty to IGSTC in accordance with Clause 6; XIxi. Abide by the decisions of IGSTC to modify the objectives, outputs, milestones, targets, funding as also the foreclosure of the Project or any of its components as may be arrived at after mutual discussion; XIIxii. Acknowledge the assistance of IGSTC while publishing or presenting in any manner the details of the Project, its progress or its success along with the “Disclaimer” that reference therein to any specific commercial product, process, views or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or assuming liability of any sort by the IGSTC. (b) The Company warrants that I. i. It shall not at any time within the Project Duration, without the written consent of IGSTC, enter into any Agreement or arrangement with any third party, national or international on the Project; IIii. It is under no contractual restrictions or legal disqualifications or any other obligations which would prohibit the Company from entering into this Agreement or which will interfere with the execution of this Agreement; and IIIiii. Each and every one of the statements and particulars herein contained in this Agreement and in the relevant and supporting documents to this Agreement are correct. (c) The Company acknowledges and agrees that: I. i. The duties, responsibilities and functions assigned or entrusted to it as specified in the Project shall be deemed to be the duties, responsibilities and functions assigned and entrusted to it under this Agreement and unless for reasons beyond control under normal circumstances, any undue delay, failure or default in performance of the duties, responsibilities and functions as specified in the Project shall be deemed to be a default under this Agreement; IIii. It shall, at all times, indemnify and keep indemnified IGSTC against any claims or suits in respect of any losses, damages or compensation payable in consequences of any accident, death or injury sustained by the employees of the Company or by any other third party resulting from or by any act, omission or operation conducted by or on its behalf; IIIiii. It shall, at all times, indemnify and keep indemnified IGSTC against all claims/damages etc. by any infringement of any Intellectual Property Rights (IPR) while carrying out its responsibilities/work under the Project and this Agreement; and IViv. IGSTC shall reserve the right to reconsider further funding assistance, governance of the New Intellectual Property and consider refund of the amount of grant-in-aid in such circumstances of change of control as mentioned the following paragraphs; a. a) The Company shall not undertake or permit any merger, consolidation, reorganization scheme of arrangement or compromise with its creditors or shareholders or effect any scheme of amalgamation or reconstitution or substantial expansion without prior information of at least 30 days to IGSTC. The word ‘„substantial expansion’ expansion‟ shall have the same meaning as under the Industries (development and Regulation) ActXxx, 19510000. b. b) The Company shall inform IGSTC within 30 (thirty) days, if it has notice of any application for winding up having been made or any statutory notice of winding up under the provisions of the Companies Act, 1956, or any other notice under any other Act or otherwise of any suit or other legal process intended to be filed or initiated against the Company and affecting the title to the properties of the Company or if a receiver is appointed of any of its properties or business or undertaking. c. c) It shall notify IGSTC of any material change in its incorporation status, shareholding, Project Coordinator or any such change that would impact on performance of its obligations under the Project and this Agreement.