Common use of Holdback and Final Payment Clause in Contracts

Holdback and Final Payment. The Centre will retain a certain percentage of the available Centre Funds until the receipt of the final technical report and final financial report described respectively in Part 3 - Schedule of Project Milestones and in Section A16. The actual amount of the final payment will take into account the total actual expenditures of the Project. The actual final payment will be such that the net grant amount administered by the Recipient will not be exceeded. Additional specific conditions attached to the release of the final payment may be present in Part 3 - Schedule of Project Milestones and Part 4 – Project Budget.

Holdback and Final Payment. The Centre will retain a certain percentage of the available Centre Funds until the receipt of the final technical report and final financial report described respectively in Part 3 - Schedule of Project Milestones and in Section A16. The actual amount of the final payment will take into account the total actual expenditures of the Project. The actual final payment will be such that the net grant amount administered by the Recipient will not be exceededexceeded — this is determined on the basis of the total amount awarded to the Recipient, less the amount administered by the Centre. Additional specific conditions attached to the release of the final payment may be present in Part 3 - Schedule of Project Milestones and Part 4 – Project Budget.