Common use of Spending Clause in Contracts

Spending. the Grant (^Alternative Option 2^) 10.1 The Grantee agrees to spend the Grant for the purpose of performing the Activity and otherwise in accordance with this Agreement. 10.2 Within the timeframe specified by the Commonwealth (and if no timeframe is specified, three months) after the Activity Completion Date, and each 12 month anniversary of the Activity’s start date during the term of the Activity, the Grantee agrees to provide the Commonwealth with an independently audited financial acquittal report verifying that the Grant has been spent in accordance with this Agreement. 10.3 The reports under clause 10.2 must be audited by: (a) a Registered Company Auditor under the Corporations Act 2001; or (b) a certified Practising Accountant; or (c) a member of the National Institute of Accountants; or (d) a member of the Institute of Chartered Accountants; who is not a principal member, shareholder, officer or employee of the Grantee or a related body corporate.

Spending. the Grant (^Alternative Option 2^) 10.1 The Grantee agrees to spend the Grant for the purpose of performing the Activity and otherwise in accordance with this Agreement. 10.2 Within the timeframe specified by the Commonwealth (and if no timeframe is specified, three months) after the Activity Completion Date, and each 12 month anniversary of the Activity’s start date during the term of the Activity, the Grantee agrees to provide the Commonwealth with an independently audited financial acquittal report verifying that the Grant has been spent in accordance with this Agreement. 10.3 The reports under clause 10.2 must be audited by: (a) a Registered Company Auditor under the Corporations Act 2001; or (b) a certified Practising Accountant; or (c) a member of the National Institute of Accountants; or (d) a member of the Institute of Chartered Accountants; Accountants who is not a principal member, shareholder, officer or employee of the Grantee or a related body corporate.