Common use of Unspent amounts Clause in Contracts

Unspent amounts. If You provide a report or other information in accordance with clause 5 which shows that any part of the Funding for the previous period is unspent by You, then We may: (a) authorise You to retain the unspent Funding and to expend some or all of it for an approved purpose, on terms and conditions specified by Us; (b) reduce a future payment or instalment of the Funding to take account of the unspent Funding; or (c) notify You that You are required to repay the unspent Funding to Us, within the period stated in the notice, which will be not less than 20 Business days. That amount will be a debt due and owing to Us by You.

Unspent amounts. If You provide a report or other information in accordance with clause 5 which shows that any part of the Funding for the previous period is unspent by You, then We may: (a) authorise You to retain the unspent Funding and to expend some or all of it for an approved purpose, on terms and conditions specified by Us; (b) reduce a future payment or instalment of the Funding to take account of the unspent Funding; or (c) notify You that You are required to repay the unspent Funding to Us, within the period stated in the notice, which will be not less than 20 Business daysDays. That amount will be a debt due and owing to Us by You.