For One-Year Projects Clause Samples

For One-Year Projects. 5.1.1 a first payment representing half (50%) of Canada’s financial contribution for the fiscal year in question shall be made following approval of the project by Canada and the environmental assessment, if applicable, or the document indicating that an environmental assessment is not required; 5.1.2 a second payment representing thirty percent (30%) of Canada’s financial contribution for the fiscal year in question shall be made following the production of an interim financial statement for the fiscal year in question and, if necessary, an update on the project; 5.1.3 the third and final payment, not exceeding the balance of Canada’s financial contribution, shall be made following the production of: 5.1.3.1 a final activity report for the fiscal year in question; 5.1.3.2 a final financial statement for the fiscal year in question; and 5.1.3.3 where applicable, confirmation of environmental mitigation measures.