Common use of Final Project Update Clause in Contracts

Final Project Update. RECIPIENT shall provide a final project update with at least the following information: a description of project activities and accomplishments; and presentation quality photos if project is completed. These project closeout documents shall be submitted via the online grants portal under the electronic signature of RECIPIENT staff authorized to administer the AGREEMENT. Release of the final reimbursement request or allocation of additional grants shall be subject to receipt of required closeout materials. The TRANSPORTATION AUTHORITY reserves the right to retain up to $25,000 or 10% of the GRANT, whichever is less, until all closeout documentation, including proof of attribution and project completion, has been submitted and accepted. PROJECT closeout occurs when the TRANSPORTATION AUTHORITY notifies the RECIPIENT through the online grants portal that the RECIPIENT’S closeout request has been approved.