Common use of Fourth Payment Clause in Contracts

Fourth Payment. After receipt and approval of the third interim technical and fiscal reports for the third 6-month period, or after actual expenditures on the project have equaled or exceeded the required expenditure, whichever is later. Required Payment Expenditure Israeli Company: $ 803,457 $ 107,128 U.S. Company: $ 621,542 $ 82,872 However, if at the required time of submission of the third interim technical and fiscal reports, work on the project or expenditures thereon prove to be materially behind plan, in accordance with Annex D and Annex A, respectively, the Foundation will review the project with Proposer and determine a suitable course of action with respect to further payments against the Conditional Grant, if any.

Fourth Payment. After receipt and approval of the third interim technical and fiscal reports for the third 6-month period, or after actual expenditures on the project have equaled or exceeded the required expenditure, whichever is later. Required Payment Expenditure Israeli Company: $ 803,457 500,002 $ 107,128 71,429 U.S. Company: $ 621,542 499,999 $ 82,872 71,428 However, if at the required time of submission of the third interim technical and fiscal reports, work on the project or expenditures thereon prove to be materially behind plan, in accordance with Annex D and Annex A, respectively, the Foundation will review the project with Proposer and determine a suitable course of action with respect to further payments against the Conditional Grant, if any.