Common use of Financial Contribution Clause in Contracts

Financial Contribution. 7.1.1 The total financial contribution to the Activity amounts to EUR 50,000 (Fifty thousand Euros), broken down as follows: a) 25.000 from the City of Prague: the exact amount, dates and conditions of the payments and tasks on which the money can be spent is fixed in the official notification of approval and contract of the financing institution. Direct labour costs are not accepted to be paid by the City of Prague. b) 25.000 from ESA covering IPR and product development (prototype). Payment will be done upon acceptance of the deliverables on the agreed milestones. The budget has to be spent on the technical development, e.g. software or hardware development or for prototype development, etc. Direct labour costs are not accepted to be paid with the ESA incentive. 7.1.2 For the purpose of this Contract the above mentioned financial contribution is stated to be a ceiling which amount shall not be exceeded and for which the Incubatee shall perform the Activity in full. At the end of the Contract Term the ceiling amount shall be converted into a firm fixed amount by means of a Conversion Proposal, detailing all costs incurred, to be submitted by the Incubatee to CzechInvest. The Incubatee shall provide copies of invoices at the end of every month to show all expenses from the funding were used solely with Third Parties for IPR and product development, following the provisions of Article 4 here above. The Incubatee is not authorized to use the stated ESA funding for reimbursement of his own hours spent on the project. 7.1.3 The above amount does not include any taxes and duties.

Financial Contribution. 7.1.1 The total financial contribution to the Activity amounts to EUR 50,000 (Fifty thousand Euros), broken down as follows: a) 25.000 from the City of PragueSouth Moravian Region: the exact amount, dates and conditions of the payments and tasks on which the money can be spent is fixed in the official notification of approval and contract of the financing institution. Direct labour costs are not accepted to be paid by the City of PragueSouth Moravian Region. b) 25.000 from ESA covering IPR and product development (prototype). Payment will be done upon acceptance of the deliverables on the agreed milestones. The budget has to be spent on the technical development, e.g. software or hardware development or for prototype development, etc. Direct labour costs are not accepted to be paid with the ESA incentive. 7.1.2 For the purpose of this Contract the above mentioned financial contribution is stated to be a ceiling which amount shall not be exceeded and for which the Incubatee shall perform the Activity in full. At the end of the Contract Term the ceiling amount shall be converted into a firm fixed amount by means of a Conversion Proposal, detailing all costs incurred, to be submitted by the Incubatee to CzechInvest. The Incubatee shall provide copies of invoices at the end of every month to show all expenses from the funding were used solely with Third Parties for IPR and product development, following the provisions of Article 4 here above. The Incubatee is not authorized to use the stated ESA funding for reimbursement of his own hours spent on the project. 7.1.3 The above amount does not include any taxes and duties.