GLA Funding definition
Examples of GLA Funding in a sentence
If, at any time, it is held by the UK government to be subject to VAT, then the Recipient agrees and acknowledges that the GLA Funding shall have included any and all applicable VAT.
To the extent that Additional Funding is to be applied specifically toward any of the Project Objectives, the Authority may in its discretion reduce any further payments of the GLA Funding by an amount equivalent to that Additional Funding.
For the avoidance of doubt the Recipient shall not be permitted to make claims for GLA Funding designated as capital funding at Clause 18.8 and certified in accordance with Clause 2A in respect of revenue expenditure; nor for GLA Funding designated as revenue funding at Clause 18.8 in respect of capital expenditure.
For the avoidance of doubt the GLA Funding is capital funding and the Recipient shall not be permitted to make claims for GLA Funding in respect of revenue expenditure.
If the Certificate of Output Delivery shows that the GLA Funding paid to the Recipient as at the date of the submission exceeds the Project Outputs delivered in the period to which the Certificate of Output Delivery relates, then the Recipient shall repay that excess amount to the Authority forthwith and in all circumstances no later than 30 days following submission of the Certificate of Output Delivery to the Authority.
For the avoidance of doubt the Recipient shall not be permitted to make claims for GLA Funding designated as capital funding at Clause 18.9 and certified in accordance with Clause 2A in respect of revenue expenditure.
To the extent that Additional Funding is to be applied specifically toward any of the Project Objectives, the Authority may in its discretion reduce any further payments or seek repayment of the GLA Funding by an amount equivalent to that Additional Funding.
Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset): the date of purchase; a description sufficient to identify it; the purchase price excluding recoverable VAT; any third party interests or charges over the Capital Asset; the location of the documentation showing the Recipient’s title to the Capital Asset; and date of disposal and sale proceeds (net of VAT).
The provision of the GLA Funding amounts to a conditional gift and is therefore not subject to VAT.
Without prejudice to this obligation, the Authority may recover this excess by reduction of any GLA Funding still to be paid under this Agreement, or by set off against any other money due or to be due from the Authority to the Recipient.