Common use of Contract required Clause in Contracts

Contract required. The board will direct the department to prepare a cost-share agreement that includes the terms and conditions of the grant established by the board. The agreement shall: a. Describe the project in sufficient detail to demonstrate the eligibility of the project. b. State the total cost of the project expressed in a project budget that contains sufficient detail to meet the requirements of the infrastructure board. c. State the project completion deadline. d. State the project completion requirements that are preconditions for payment of the grant by the board. e. Recite the penalty for the storage or dispensing of motor fuel other than the type of renewable fuel for which the grant was awarded. (1) Awards for projects under construction or not yet started. The five-year obligation to continue dispensing renewable fuel begins on the date the project is completed. (2) Awards for projects already completed. The five-year obligation to continue dispensing renewable fuel begins on the date the department issues the first disbursement of grant funds, not on the date of project completion. f. Be amended to include a supplemental financial incentive, if a supplemental financial incentive is awarded by the board.