Common use of Financial Allocation Clause in Contracts

Financial Allocation. In consideration of the development, delivery and completion of the Project, grant funding in the sum of €X (“Grant Funding”) is being allocated to the Grantee by the Department – subject to internal annual Estimates, and budget processes and the requirement to secure any necessary sanctions, at which point the final 20XX allocation will be confirmed and notified to the Grantee. The Grant Funding for the Project is being provided by XXX. Money will be drawn down through submission of a grant recoupment form to the Creative Ireland Programme in the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media. The Grantee agrees that the Grant Funding subject to this SLA may be recouped by the Department if, in the opinion of the Department, the Grantee fails to deliver as agreed per Work Schedule in Appendix I. Funding provided under this agreement must be drawn down within the calendar year specified as per Appendix II, and requests for draw down should be submitted by mid-November each relevant year to ensure payment processing before year end. If for some reason full draw down is not expected, the Grantee must inform the Department at the earliest opportunity.