Common use of Type of Award Clause in Contracts

Type of Award. ‌ The award notice specifies a pre-determined fixed amount of NSF support for the project described in the referenced proposal. This amount is based upon the budget approved by NSF for the referenced proposal, as amended. Payment of the award amount is subject to compliance with the award terms and conditions, including Article Allowable Costs, Article Payments, Article Project Reporting Requirement, Article Price Reduction for Defective Cost or Pricing Data, and NSF’s acceptance of the reports submitted by the awardee under Article Project Reporting Requirements. On the basis of its review of these reports and/or other pertinent information, NSF reserves the right to modify the payment schedule or suspend or terminate the award, if NSF determines that such action is appropriate. If estimated total expenditures are less than the award amount (less the small business fee), the awardee shall contact NSF to renegotiate the scope of this award. Similarly, if the awardee expects that the full scope of work will be completed at a total cost less than the award amount (less the small business fee), it is the obligation of the awardee to promptly notify NSF.

Type of Award. ‌ The award notice specifies a pre-determined fixed amount of NSF support for the project described in the referenced proposal. This amount is based upon the budget approved by NSF for the referenced proposal, as amended. Payment of the award amount is subject to compliance with the award terms and conditions, including Article 12, Allowable Costs, Article 13, Payments, Article 15, Project Reporting Requirement, Article 33, Price Reduction for Defective Cost or Pricing Data, and NSF’s acceptance of the reports submitted by the awardee under Article Project Reporting Requirements15. On the basis of its review of these reports and/or other pertinent information, NSF reserves the right to modify the payment schedule or suspend or terminate the award, if NSF determines that such action is appropriate. If estimated total expenditures are less than the award amount (less the small business fee), the awardee shall contact NSF to renegotiate the scope of this award. Similarly, if the awardee expects that the full scope of work will be completed at a total cost less than the award amount (less the small business fee), it is the obligation of the awardee to promptly notify NSF.