Common use of Review and Acceptance Clause in Contracts

Review and Acceptance. Within 20 calendar days of receipt of a report, the Centre shall notify the Recipient, in writing, of any errors, omissions or clarification required in the report, in which case any outstanding payment will be withheld until the report is deemed acceptable. Notwithstanding Part 4 - Project Budget, the financial forecast submitted by the Recipient and an analysis by the Centre of the accounted expenditures will serve as basis for establishing the cash flow needs for the period or Milestones covered by the next payment and, consequently, the amount of the payment itself.

Review and Acceptance. Within 20 calendar days of receipt of a report, the Centre shall notify the Recipient, Recipient in writing, of any errors, omissions or clarification clarifications required in the report, in which case any outstanding and dependent payment will be withheld until the report is deemed acceptable. Notwithstanding Part 4 - Project Budget, the financial forecast submitted by the Recipient and an analysis by the Centre of the accounted expenditures will serve as basis for establishing the cash flow needs for the period or Milestones covered by the next payment and, consequently, the amount of the payment itself.