Common use of Operational Aspects Clause in Contracts

Operational Aspects. The school shall identify and appoint adequate number of faculty members for managing day-to-day operations of the laboratory. The school shall develop network with industries, academia, research, civil society for knowledge sharing and mentoring support. The school shall provide access to students after the working hours of the host school and allow students from other schools and nearby areas to access the ATL. The school shall ensure safety of the students during the working hours of ATL. The grant-in-aid being released should be exclusively spent on the specified purpose for which it has been sanctioned within the stipulated time. The school will be required to submit Fund Utilisation Certificates (UCs) for the grant-in-aid at the end of each financial year as well as at the time of seeking further installments of the grant-in-aid, if any. School shall maintain separate accounts for the funds received from AIM. Grant-in-aid money shall be kept in an interest bearing account and the interest earned should be reported to NITI Aayog. The same will be treated as a credit to the organization and will be adjusted towards further installments of the grant-in-aid Any unspent balance out of the amount sanctioned should be refunded to the Government of India by means of an Account’s Payee Demand Draft drawn in favor of Drawing and Disbursing Officer, NITI Aayog, payable at New Delhi.

Appears in 2 contracts

Sources: Memorandum of Agreement, Memorandum of Agreement