The Project Grant Clause Samples
The Project Grant clause defines the terms under which funding is provided for a specific project. It typically outlines the amount of money granted, the purpose for which the funds must be used, and any conditions or milestones that must be met to receive or retain the grant. For example, it may specify reporting requirements or deadlines for project completion. The core function of this clause is to ensure that both parties clearly understand the scope, use, and obligations associated with the grant, thereby reducing the risk of misuse or misunderstanding regarding the provided funds.
The Project Grant. The Administrator shall, in the manner referred to under paragraph 1.3 of this Agreement, make available to UNDP, out of the Contribution Funds, the amount stated under paragraph 2 of the Annex to this Agreement (hereinafter referred to as the “Project Grant”) to finance the cost of carrying out the Project.
The Project Grant. 1.1 The Administrator shall, in the manner referred to under paragraph 1.3 of this Agreement, make available to UNDP, out of the Contribution Funds, the amount stated under paragraph 2 of the Annex to this Agreement (hereinafter referred to as the “Project Grant”) to finance the cost of carrying out the Project.
1.2 In order to compensate UNDP for its administrative costs relating to the carrying out of the Project, UNDP may retain the percentage of the Project Grant stated under paragraph 3 of the Annex to this Agreement (hereinafter referred to as the “UNDP Administration Fee”) to meet said costs.
1.3 The Administrator shall, immediately following signature of this Agreement by the parties hereto, deposit the Project Grant in UNDP’s account whose number and the bank at which it is maintained are stated in paragraphs 4 and 5, respectively, of the Annex to this Agreement.
1.4 Notwithstanding the foregoing, the Administrator shall be obligated to make the proceeds of the Project Grant available to UNDP only to the extent that Contribution Funds, in an amount equal to the Project Grant, shall have been made available for such purposes.
The Project Grant and it’s any part consists of the contribution of the respective financial mechanism and the Slovak State Budget contribution in a ratio of 85%/15%.