Terms and Conditions of Micro-Project Grant Agreements Sample Clauses

Terms and Conditions of Micro-Project Grant Agreements. (a) A Micro-Project shall be carried out pursuant to a Micro-Project Grant Agreement, to be concluded between the Regional Coordination Unit on behalf of the Recipient and the respective Community Council on behalf of the Beneficiary, under terms and conditions, satisfactory to the World Bank, described in further detail in the Project Implementation Manual, which shall include, inter alia, the following:
Sample 1
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Terms and Conditions of Micro-Project Grant Agreements. (a) A Micro-Project shall be carried out pursuant to a Micro-Project Grant Agreement, to be concluded between the Regional Coordination Unit on behalf of the Recipient and the respective Community Council on behalf of the Beneficiary, under terms and conditions, satisfactory to the World Bank, described in further detail in the Project Implementation Manual, which shall include, inter alia, the following: the obligation of the Beneficiary to contribute, in cash or in kind, at least ten percent (10%) of the projected Micro-Project costs; the obligation of the Beneficiary to: (A) carry out the Micro-Project with due diligence and efficiency and in accordance with sound technical, environmental, financial and administrative practices; and (B) maintain adequate records to reflect, in accordance sound accounting practices, the resources, operations, and expenditures relating to the Micro-Project; the requirement that the goods, works, and consultants’ services to be financed from the proceeds of the Micro-Project Grant shall be procured in accordance with procedures ensuring efficiency and economy and in accordance with the provisions of Section III of this Schedule, and shall be used exclusively in the carrying out of the Micro-Project; and the right of the Regional Coordination Unit, on behalf of the Recipient, and of the Recipient in its own right, to: (A) inspect by itself, or jointly with the World Bank, if the World Bank shall so request, the goods, works, sites, plants and construction included in the Micro-Project, the operations thereof, and any relevant records and documents; (B) obtain all information as it, or the World Bank, shall reasonably request regarding the administration, operation, and financial condition of Micro-Projects; and (C) suspend or terminate the right of any Beneficiary to use the proceeds of the Micro-Project Grant upon failure by the Beneficiary to perform any of its obligations under the Micro-Project Grant Agreement.
Sample 1

Related to Terms and Conditions of Micro-Project Grant Agreements

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