Common use of For Multi-Year Projects Clause in Contracts

For Multi-Year Projects. First payments 1.2.2.1 a first payment representing eighty percent (80%) of Canada’s financial contribution shall be made after the project is approved by Canada; 1.2.2.2 for subsequent fiscal years, a first payment representing eighty percent (80%) of Canada’s financial contribution shall be made following the production, if necessary, of an updated addendum to the action plan (Schedule 3) and provided that the requirements for previous payments have been met; 1.2.2.3 for each fiscal year, a second and final payment not exceeding the balance of Canada’s financial contribution for that fiscal year shall be made following the production of an annual report for the fiscal year in question.