Centre Funds definition

Centre Funds means moneys set out in Part 4 - Project Budget which are paid or to be paid by the Centre to the Recipient under the terms and conditions contained in this Agreement.

Centre Funds means the money comprised in the Centre Account including the cash Contributions (including the Commonwealth Funding), cash contributions to the Centre received from third parties and interest on the Centre Account, but not including any proceeds derived from the Commercialisation of Intellectual Property.

Examples of Centre Funds in a sentence

• The recipient receiving goods, vehicles and equipment purchased with Centre Funds, shall insure any goods, vehicles, or equipment purchased with Centre Funds and assumes any and all liability relating to its failure or inability to secure insurance coverage.

• The Recipient, if taking delivery of goods, vehicles or equipment purchased with Centre Funds for the Project, whether purchased by the Recipient, by a Collaborating Institution, or by the Centre, is solely responsible for undertaking all formalities and other administrative arrangements necessary for importing the goods, vehicles or equipment into the country or jurisdiction in which the Work will take place.

• All goods, vehicles, or equipment purchased with Centre Funds, whether procured by the Recipient, a Collaborating Institution, or the Centre, shall be regarded, at the time of delivery, as Property belonging to the recipient receiving the goods, vehicles or equipment.

• The Centre will retain a certain percentage of the available Centre Funds until the receipt of the final technical report and final financial report described respectively in Part 3 - Schedule of Project Milestones and in Section A16.

• Per diems paid with Centre Funds to team members and other Project participants while on travel shall not exceed the schedule of maximum per diems in force at the Centre.

• Such Recipient agrees, if the Centre so requests, to give the Centre reasonable access to all Project records (excluding information regarding Subjects of Research) including pertinent financial records relating to the Project to permit the Centre to verify all pertinent financial records and compliance with the terms and conditions of this Agreement in the use of Centre Funds.

• Within 60 calendar days after the Work Completion Date but no later than the Contract Completion Date, whichever is sooner, the Recipient shall return to the Centre any Centre Funds not used for the Project.

• Under no circumstances will the Centre assume responsibility in the event of loss or damage to any goods, vehicles or equipment purchased with Centre Funds.

• The Recipient shall ensure that any vehicle purchased with Centre Funds shall be used exclusively for carrying out the objectives of the Project and only made available to personnel working on the Project for their official use.

• The Recipient shall not use Centre Funds for the direct payment of any customs, import, or other duties or taxes levied with respect to importation of goods, vehicles or equipment into any country or jurisdiction.