Common use of Return of Balance Clause in Contracts

Return of Balance. In accordance with the Uniform Grant Management Standards (UGMS) Part III _.50 Closeout (d)(2), any remaining advanced funds that have not been spent or approved to be spent by TCEQ as of the Expiration Date of the Contract must be immediately returned. No additional use or retention of these funds is authorized. The unspent or unapproved balance must be returned to TCEQ no later than 90 days after the Expiration Date.