Common use of Payments and Contributions Clause in Contracts

Payments and Contributions. 4.1. The Lead shall distribute the Payment(s) to the Partner(s) on the dates set out in the Project Plan. Payment(s) made by the Lead to a Partner under this Clause 4 shall be paid to such Partner on the same terms and conditions as the Grant Agreement. 4.2. Each Party shall keep, in relation to the Project and the receipt and expenditure of all Payment(s) received under Clause 4: 4.2.1. accurate records and accounts showing income and expenditure; 4.2.2. receipts and invoices in relation to expenditure; and 4.2.3. details of how the Deliverable(s), as state out Project Plan, were completed. 4.3. Each Party shall keep the information listed in Clause 4.2 for a period of seven (7) years after the Expiry Date (“Retention Period”) so as to enable compliance with the reporting requirements of the Lead and/or The National Lottery Community Fund. If requested, the Partners shall permit The National Lottery Community Fund, the Lead and the Comptroller and Auditor General to inspect such information during normal working hours upon reasonable notice throughout the term of this Partnership Agreement and during the Retention Period. 4.4. A Party shall not incur any financial liabilities in respect to the Project that are not agreed to as part of the Project Plan. In the event any Party does so, it shall not be entitled to any indemnity or reimbursement of such financial liability from any other Party unless agreed in accordance with Clause 12.1. 4.5. Each Partner acknowledges that any Payment(s) to them by the Lead under this Partnership Agreement are paid from the Grant Agreement and do not represent consideration for any taxable supply for VAT purposes. Any such Payment(s) are distributed are inclusive of VAT (if any).

Payments and Contributions. 4.1. ‌ 4.1 The Lead shall distribute the Payment(s) to the Partner(s) on the dates set out in the Project Plan. Payment(s) made by the Lead to a Partner under this Clause 4 shall be paid to such Partner on the same terms and conditions as the Grant Agreement. 4.2. 4.2 Each Party shall keep, in relation to the Project and the receipt and expenditure of all Payment(s) received under Clause 4:4:‌ 4.2.1. 4.2.1 accurate records and accounts showing income and expenditure; 4.2.2. 4.2.2 receipts and invoices in relation to expenditure; and 4.2.3. 4.2.3 details of how the Deliverable(s), as state out Project Plan, were completed. 4.3. 4.3 Each Party shall keep the information listed in Clause 4.2 for a period of seven (7) years after the Expiry Date (“Retention Period”) so as to enable compliance with the reporting requirements of the Lead and/or The National Lottery Community Fund. If requested, the Partners shall permit The National Lottery Community Fund, the Lead and the Comptroller and Auditor General to inspect such information during normal working hours upon reasonable notice throughout the term of this Partnership Agreement and during the Retention Period. 4.4. 4.4 A Party shall not incur any financial liabilities in respect to the Project that are not agreed to as part of the Project Plan. In the event any Party does so, it shall not be entitled to any indemnity or reimbursement of such financial liability from any other Party unless agreed in accordance with Clause 12.1. 4.5. 4.5 Each Partner acknowledges that any Payment(s) to them by the Lead under this Partnership Agreement are paid from the Grant Agreement and do not represent consideration for any taxable supply for VAT purposes. Any such Payment(s) are distributed are inclusive of VAT (if any).