Examples of Grant Instalment in a sentence
The Authority must receive an updated Cash Flow Profile using the form set out in APPENDIX 2 TO ANNEX 7 (Cash Flow Profile Form) with a forecast of all expenditure for the Project no later than one month before the Recipient submits a Grant Claim for the First Grant Instalment.
At Acquisition the assessment and calculation of the First Grant Instalment is based on actual land cost and actual fees incurred to purchase completion and planning permission.
During construction the assessment and calculation of Further Grant Instalments is based on actual incurred build costs as certified by the Grant Recipient’s Employer’s Agent or equivalent consultant or project manager and any additional fees incurred since the First Grant Instalment.
Unless otherwise stated in these Terms and Conditions or in the Grant Offer Letter, payment of a Grant Instalment will be made within 30 days of the Secretary of State approving the Grant Recipient’s Grant Claim for that Grant Instalment.
The Secretary of State reserves the right not to pay any Grant Claims, which are not submitted by the relevant NOPD for the applicable Grant Instalment or Grant Claims, which are incomplete, incorrect or submitted without the full supporting documentation.
When the Grant Recipient believes that the Grant Payment Requirements relating to a Grant Instalment have been satisfied, it shall submit a Grant Claim to the Secretary of State.
GRANT CLAIM PROCEDURE 2.1. Within 20 Working Days of a Grant Claim Date, the Recipient may submit a Grant Claim to the Authority for payment of a Grant Instalment using the Grant Claim Form described in section 3 and otherwise in accordance with this Grant Agreement.
The Authority agrees to pay the Grant Funding to the Recipient:in Grant Instalments in accordance with clauses 6.2 to 6.4; andon an accrual basis,provided the Recipient:has achieved any Milestones that are linked to the Grant Instalment and which are scheduled to be achieved on or prior to the Grant Claim Date; andremains in compliance with this Grant Agreement on the payment date.
Without limiting clause22, if:the Authority has paid a Grant Instalment to the Recipient; andthe Recipient does not achieve any Milestones that are linked to the Grant Instalment and which are scheduled to be achieved after the Grant Claim Date,the Authority may suspend the Grant or require all or any part of the Grant Instalment to be re-paid to the Authority.
The Secretary of State will review the Grant Claim submitted by the Grant Recipient and shall only pay the relevant Grant Instalment to the Grant Recipient once the Secretary of State is satisfied that the Grant Claim contains all the information specified in Paragraph 4.6 and relevant Grant Payment Requirements have been achieved.