Matching Payments. The Commonwealth will pay Matching Payments to FWPA in accordance with the Agreement. The Commonwealth will pay Matching Payments to FWPA of amounts equal to the one-half of FWPA’s Eligible R&D Expenditure, subject to the total appropriation amount worked out under subsection 9(4) of the Act and, to the Gross Value of Production for each financial year. The Commonwealth will pay the Matching Payments to FWPA as soon as reasonably practicable after receiving from FWPA: a correctly rendered claim for payment identifying an amount that is one-half of FWPA’s Eligible R&D Expenditure; and satisfactory substantiation that FWPA has met all the requirements set out in the Act and under this Agreement to trigger its right to receive the Matching Payments. For the purposes of clause 14.5(b), a certificate stating compliance with the relevant requirements of the Act and this Agreement, signed by the Executive Director or the Chief Financial Officer (or equivalent) of FWPA, is satisfactory substantiation, in the absence of any evidence to the contrary. FWPA’s final claim for Matching Payments in respect of Eligible R&D Expenditure made in a Financial Year must be supported by an independent audit report of FWPA’s financial statements. (This work may be completed in accordance with the Standard on Assurance Engagements ASAE 3100.) Upon request, FWPA must provide a reconciliation between the total amount of Eligible R&D Expenditure on which its claim for Matching Payments for the Financial Year is based and the amounts shown in the audited financial statements. FWPA will pay the Commonwealth: the Administration Expenses; any refunds paid by the Commonwealth in respect of ▇▇▇▇; and any Excess Matching Payments. The Commonwealth may invoice FWPA from time to time for the amounts identified in clause 14.9 and the parties agree that FWPA will have made a payment by either: the Commonwealth reduces a payment of Levy Funds and/or Matching Payments by an amount equal to the payment required; or FWPA makes the payment to the Commonwealth by direct deposit or other method agreed between the parties. Upon request by the Commonwealth, FWPA must provide to the Commonwealth: an indicative estimate of the amount of the Levy Funds and Matching Payments it expects the Commonwealth to pay to it under the Act, for the current and future Financial Years as requested by the Commonwealth; and a monthly breakdown of the estimated amount of Levy Funds and Matching Payments that it expects the Commonwealth to pay to it under the Act in the current Financial Year and the next Financial Year. The Commonwealth may, if requested, give FWPA an estimate of the amount of the Administration Expenses for the Financial Year. The Commonwealth will, by 31 October in each Financial Year, advise FWPA of the final costs incurred by the Commonwealth in relation to the Administration Expenses for the previous Financial Year.
Appears in 1 contract
Sources: Statutory Funding Contract
Matching Payments. The Commonwealth will pay Matching Payments to FWPA Dairy Australia in accordance with the Agreement. The Commonwealth will pay Matching Payments to FWPA Dairy Australia of amounts equal to the one-half of FWPADairy Australia’s Eligible R&D Expenditure, subject to the total appropriation amount worked out under subsection 9(4paragraph 6(3) of the Act and, to the Gross Value of Production for each financial year. The Commonwealth will pay the Matching Payments to FWPA Dairy Australia as soon as reasonably practicable after receiving from FWPADairy Australia: a correctly rendered claim for payment identifying an amount that is one-half of FWPADairy Australia’s Eligible R&D Expenditure; and satisfactory substantiation that FWPA Dairy Australia has met all the requirements set out in the Act and under this Agreement to trigger its right to receive the Matching Payments. For the purposes of clause 14.5(b), a certificate stating compliance with the relevant requirements of the Act and this Agreement, signed by the Executive Managing Director or the Chief Financial Officer (or equivalent) of FWPADairy Australia, is satisfactory substantiation, in the absence of any evidence to the contrary. FWPADairy Australia’s final claim for Matching Payments in respect of Eligible R&D Expenditure made in a Financial Year must be supported by an independent audit report of FWPADairy Australia’s financial statements. (This work may be completed in accordance with the Standard on Assurance Engagements ASAE 3100.) Upon request, FWPA Dairy Australia must provide a reconciliation between the total amount of Eligible R&D Expenditure on which its claim for Matching Payments for the Financial Year is based and the amounts shown in the audited financial statements. FWPA Dairy Australia will pay the Commonwealth: any expense incurred by the Administration ExpensesCommonwealth in collection, recovery and administration of Levy Funds; any refunds paid by the Commonwealth in respect of ▇▇▇▇Levy Funds; and any Excess Matching Payments. The Commonwealth may invoice FWPA Dairy Australia from time to time for the amounts identified in clause 14.9 and the parties agree that FWPA Dairy Australia will have made a payment by either: the Commonwealth reduces reducing a payment of Levy Funds and/or Matching Payments by an amount equal to the payment required; or FWPA makes Dairy Australia making the payment to the Commonwealth by direct deposit or other method agreed between the parties. Upon request by the Commonwealth, FWPA must provide to the Commonwealth: an indicative estimate of the amount of the Levy Funds and Matching Payments it expects the Commonwealth to pay to it under the Act, for the current and future Financial Years as requested by the Commonwealth; and a monthly breakdown of the estimated amount of Levy Funds and Matching Payments that it expects the Commonwealth to pay to it under the Act in the current Financial Year and the next Financial Year. The Commonwealth may, if requested, give FWPA an estimate of the amount of the Administration Expenses for the Financial Year. The Commonwealth will, by 31 October in each Financial Year, advise FWPA of the final costs incurred by the Commonwealth in relation to the Administration Expenses for the previous Financial Year.
Appears in 1 contract
Sources: Statutory Funding Contract