Common use of Programme fund Management Clause in Contracts

Programme fund Management. 9.2.1 Within 1 Business Day of its receipt of any payment from a Borough Council pursuant to Clause 8.1.2 Kent shall credit the Programme Investment Fund with that money. 9.2.2 Kent shall use its reasonable endeavours to secure value for money when applying the Programme Fund Money to Works. 9.2.3 Kent may deduct Programme Overheads from the Programme Management Fund subject to a cap on the recovery of costs of [5%] of the Programme Investment Fund.5 6 4 If a Council makes an additional contribution should they get their money out first (or some portion of it) prior to the Residual Funds being dispersed? 5 This would be better with an annual amount subject to inflation. Alternatively confirm whether it is 5% of the money held annually or over the term of the agreement. If the latter then the term would need to be finite. 6 Payment of ▇▇▇▇ could give rise to procurement law issues.

Programme fund Management. 9.2.1 Within 1 Business Day of its receipt of any payment from a Borough Council pursuant to Clause 8.1.2 Kent shall credit the Programme Investment Fund with that money. 9.2.2 Kent shall use its reasonable endeavours to secure value for money when applying the Programme Fund Money to Works. 9.2.3 Kent may deduct Programme Overheads from the Programme Management Fund subject to a cap on the recovery of costs of [5%] of the Programme Investment Fund.5 6 4 If a Council makes an additional contribution should they get their money out first (or some portion of it) prior to the Residual Funds being dispersed? 5 This would be better with an annual amount subject to inflation. Alternatively confirm whether it is 5% of the money held annually or over the term of the agreement. If the latter then the term would need to be finite. 6 Payment of ▇▇▇▇ Kent could give rise to procurement law issues.