V Funding Clause Samples

V Funding. The Parties acknowledge the importance of securing funding for this Project, and they are committed to its success. In furtherance of this commitment, each Party agrees to provide an initial funding contribution. The details of each Party's contribution shall be as follows: ● Pasco: $25,000 ● Kennewick: $25,000 ● Port of Pasco: $25,000 ● Port of Kennewick: $25,000 The purpose of this initial funding is to secure the resources required for obtaining a comprehensive and accurate cost estimate, which will serve as the foundation for initiating and facilitating the broader fundraising efforts. It is intended to not only support the development of an accurate Project budget but also to establish the fundraising campaign within the local community. The Parties shall closely coordinate their efforts to maximize the effectiveness of these fundraising activities. Port of Pasco and Port of Kennewick will have no further funding obligations under this Agreement. In the event Project costs are higher than projected, the cities of Pasco and Kennewick will assume excess Project costs not to exceed 10% over the initial funding of $100,000. Project costs in excess of the 10% contingency require written approval by the Cities in the form of an addendum to this Interlocal Agreement. The Port’s payment will be made within thirty days of receipt of invoice from City of Pasco. If the Project is abandoned, then this Agreement shall be of no further force or effect.