Common use of Unspent amounts Clause in Contracts

Unspent amounts. Where You submit a financial report in accordance with clause 5.1 which shows that a substantial portion of the Funding for the previous period is unspent by You, then We may: (a) authorise You to retain the unspent Funding and, if We so authorise, to expend some or all of that Funding for an approved purpose; (b) adjust a payment or instalment of the Funding to take account of the unspent Funding; (c) agree to a carryover of unspent Funding from one reporting period to the next where the Funding is to be used for the same purpose and when agreed by Us in writing; or (d) require You to refund the unspent Funding.