Common use of Instructions for Completion Clause in Contracts

Instructions for Completion. The Department should complete the Subsidy Agreement using the following guidelines: The Department name and address should be the full business name and mailing address used by the Department. The Contact Person email address shall be the official mechanism for correspondence under the subsidy agreement. The Recipient name and address should be the full legal business name and mailing address used by the Recipient for Internal Revenue Service (IRS) tax filing purposes and filed in MMARS in the VCUST Table. The Contact Person email address shall be the official mechanism for correspondence under the Subsidy Agreement. The total amount of the Subsidy Agreement should indicate the total amount that the Department anticipates expending under the Subsidy Agreement based upon the subsidy legislation or other legal authorization for payment. The total amount is the amount that will be encumbered and obligated on behalf of the Recipient. The Department must encumber this total maximum obligation on MMARS. The Department should indicate if funds will be paid in a single payment or using multiple payments. If multiple payments are used, the parties should attach a schedule of payment dates and amounts and any conditions for receipt of payment. The termination date of the Subsidy Agreement should be at the end of the current fiscal year, or the expiration date of the account or funding for this Subsidy Agreement. Payment of funds can not be made after the termination date of the account or funding for this Subsidy Agreement. Any obligations for use of the funds or reporting of the funds will extend beyond the end of the funding for this Subsidy until one year after the audit requirements for this funding. The Department should include any details concerning payment of the funds under the Subsidy Agreement in attachments, including, but not limited to the following: Any schedule of payment dates and amounts. Conditions or restrictions required as a prerequisite to payment of funds. Details of requirements of copies of programmatic or fiscal reports required as a condition of receiving funds Any additional attachments or addendums of terms or performance.