Common use of Funds Payment Request Clause in Contracts

Funds Payment Request. (a) You may submit a request for payment of the Funds, in the form of a Funds Payment Request: (1) on the Commencement Date in relation to achievement of Milestone 1 (Milestone 1 Payment Request); and (2) upon achievement of a Subsequent Milestone (Subsequent Milestone Payment Request). (b) The Department must promptly after receipt of the Milestone 1 Payment Request, deposit the Funds payable upon achievement of Milestone 1 into the Bank Account or authorise release of the Funds payable upon achievement of Milestone 1 from the Bank Account, as applicable. (c) The Department must, within 20 Business Days of receipt of the Funds Payment Request and all other information reasonably required to determine whether or not the Payment Criteria are satisfied, provide You with a notice setting out the Department’s determination as to whether or not the Payment Criteria have been satisfied (Determination Notice). (d) The Department must, within 20 Business Days of delivering a Determination Notice confirming that the Payment Criteria for a Subsequent Milestone have been satisfied: (1) deposit the Funds payable upon achievement of that Subsequent Milestone into the Bank Account; or (2) authorise release of the Funds payable upon achievement of that Subsequent Milestone from the Bank Account, as applicable.

Funds Payment Request. ‌ (a) You may submit a request for payment of the Funds, in the form of a Funds Payment Request: (1) on the Commencement Date in relation to achievement of Milestone 1 (Milestone 1 Payment Request); and (2) upon achievement of a Subsequent Milestone (Subsequent Milestone Payment Request). (b) The Department Office must promptly after receipt of the Milestone 1 Payment Request, deposit the Funds payable upon achievement of Milestone 1 into the Bank Account or authorise release of the Funds payable upon achievement of Milestone 1 from the Bank Account, as applicable.applicable.‌ (c) The Department Office must, within 20 Business Days of receipt of the Funds Payment Request and all other information reasonably required to determine whether or not the Payment Criteria are satisfied, provide You with a notice setting out the DepartmentOffice’s determination as to whether or not the Payment Criteria have been satisfied (Determination Notice). (d) The Department Office must, within 20 Business Days of delivering a Determination Notice confirming that the Payment Criteria for a Subsequent Milestone have been satisfied: (1) deposit the Funds payable upon achievement of that Subsequent Milestone into the Bank Account; or (2) authorise release of the Funds payable upon achievement of that Subsequent Milestone from the Bank Account, as applicable.