Grant Refunds Clause Samples
The 'Grant Refunds' clause establishes the conditions under which a party is entitled to receive a refund from the other party. Typically, this clause outlines specific scenarios such as product defects, service failures, or cancellations that trigger the refund process, and may detail the procedures for requesting and processing refunds, including any applicable timeframes or limitations. Its core practical function is to provide assurance and clarity to both parties regarding financial recourse in the event of dissatisfaction or non-fulfillment, thereby reducing disputes and fostering trust in the transaction.
Grant Refunds. In accordance with the Illinois Grant Funds Recovery Act, 30 ILCS 705/1 et seq., the Grantee must, within forty-five (45) days of the effective date of a termination of this Agreement, refund to Grantor, any balance of Grant Funds not spent or not obligated as of that date.