Timing of the Grant Clause Samples
The "Timing of the Grant" clause defines when a grant, such as stock options or restricted shares, is officially awarded to a recipient under an agreement. It typically specifies the exact date or event that triggers the grant, such as the signing of the agreement, a board approval, or the achievement of certain milestones. By clearly establishing when the grant takes effect, this clause ensures both parties understand their rights and obligations from a specific point in time, thereby preventing disputes over eligibility or vesting periods.
Timing of the Grant. 5.1 Payments will be made in accordance with Schedule 2, to be paid within 21 working days.
5.2 In order for any payment to be released, the Commissioner will require the Recipient to:
5.2.1 have signed and returned a copy of this Grant Agreement to the Commissioner;
5.2.2 have provided the appropriate bank details; and
5.2.3 be in compliance with the terms and conditions of this Grant Agreement.
5.3 The Commissioner reserves the right to withhold all or any payments of the Grant if the Commissioner has reasonably requested information or documentation from the Recipient and this has not been received by the Commissioner in the timescales reasonably required.
5.4 The Commissioner is not permitted to pay the Grant in advance of need. If the Commissioner reasonably believes that payment is being made in advance of need, it may change the timing and/or the amount of any outstanding Grant payments.
Timing of the Grant. 5.1 Payments will be made in arrears, in accordance with Schedule 2, within 21 working days of the receipt of a payment request in the form of Annex A and the supporting monitoring information set out at Schedule 3.
5.2 In order for any payment to be released, the Commissioner will require the Recipient to:
5.2.1 have signed and returned a copy of this Grant Agreement to the Commissioner;
5.2.2 have provided the appropriate bank details; and
5.2.3 be in compliance with the terms and conditions of this Grant Agreement.
5.3 The Commissioner reserves the right to withhold all or any payments of the Grant if the Commissioner has reasonably requested information/documentation from the Recipient and this has not been received by the Commissioner in the timescales reasonably required.
5.4 The Commissioner is not permitted to pay the Grant in advance of need. If the Commissioner reasonably believes that payment is being made in advance of need, it may change the timing and/or the amount of any outstanding Grant payments.
Timing of the Grant. 5.1 Payment of the Grant shall be in accordance with the provisions of Schedule 2 (Payment Schedule). Payments shall be made within 30 working days of the receipt of a payment request with the supporting evidence set out at Schedule 2 (Payment Schedule) and the supporting monitoring information set out at Schedule 3 (In-Year Report Monitoring Information Requirements).
5.2 In order for any payment to be released, the Authority will require the Recipient to:
5.2.1 have signed and returned 3 copies of this Grant Agreement to the Authority,
5.2.2 have provided the appropriate bank details, and
5.2.3 be in compliance with the terms and conditions of this Grant Agreement.
5.3 The Authority reserves the right to withhold payment of all or any part of the Grant if the Authority has reasonably requested information/documentation/evidence from the Recipient and this has not been received by the Authority in the timescales and format reasonably required.
5.4 The Authority will make payments to the Recipient against the Payment References detailed in Schedule 2 (Payment Schedule) once the Authority is satisfied that full evidence of the costs incurred against each Payment Reference has been provided.
5.5 The Authority reserves the right to withhold payment of all or any part of the Grant should the Recipient fail to provide the Authority with the reports and/or evidence detailed in Schedule 3 (In-Year Report Monitoring Information Requirements) within the required timescales and reserves the right not to pay any invoice or claim made by the Recipient during the Grant Period where these reports and/or evidence are not submitted to the Authority within the required timescales.
5.6 Following the end of the Funding Period the Recipient must submit within the Reconciliation Period any reports that are due for submission to the Authority as detailed in Schedule 3 (In-Year Report Monitoring Information Requirements). During the Reconciliation Period the Recipient must also submit to the Authority any outstanding invoices or claims for payment together with the relevant supporting evidence. The Authority reserves the right to withhold any or all of the payments which may be due during the Reconciliation Period should the reports detailed in Schedule 3 (In-Year Report Monitoring Information Requirements) and the evidence detailed in Schedule 2 (Payment Schedule) not be provided to the Authority within the required timescales.
Timing of the Grant. 5.1. Grant Claims will be paid in accordance with the payment profile and triggers detailed in Schedule 2, within thirty (30) Calendar Days of the receipt and agreement of a correctly submitted Annex A and all supporting monitoring information as set out in Schedule 3.
5.2. The Authority shall have no liability to the Recipient for any Losses caused by a delay in the approval of, or amendment to, Eligible Expenditure howsoever arising.
5.3. In order for the Grant to be released, the Authority will require the Recipient to:
a. have signed and returned a copy of this Grant Agreement to the Authority, and
b. have provided the appropriate bank details, and
c. be in compliance with the Grant Agreement throughout the period for which Eligible Expenditure is being claimed.
5.4. Payments will be made by BACS using account details that the Recipient must supply to the Authority. The Recipient is responsible for ensuring that the Authority has been notified of its correct bank account details and any subsequent changes. Original notification of, and all subsequent amendments to, the Recipient’s bank details must be provided on its own headed notepaper duly signed by a Senior Finance Officer.
5.5. The information which the Recipient must supply to the Authority to allow BACS payments is as follows:
1. Registered name of company
2. Trading name of company
3. Company registration number
4. Vat registration number
1. Email address for purchase orders
2. Email address for remittance advice
3. Email address for invoice queries
4. Telephone Number for Accounts Receivable/Credit Control
1. Registered Address
2. Credit Control/Finance Address
1. Bank Name
2. Branch name and address 3. Company Bank Account Name
Timing of the Grant. 2.4.1 Payments will be paid in two payments, in accordance with Schedule 2, dependant upon receipt by the due date of a payment request in the form of Annex A and the supporting monitoring information set out at Schedule 3. Failure to provide the necessary information by the due date will result in payment being delayed until the next quarter.
2.4.2 In order for any payment to be released, the Commissioner will require the Recipient to:
a. have signed and returned a copy of this Grant Agreement to the Commissioner b. have provided the appropriate bank details
c. have submitted a completed and satisfactory schedule 3 setting out the intended outcomes for the year d. be in compliance with the terms and conditions of this Grant Agreement
2.4.3 The Commissioner reserves the right to withhold all or any payments of the Grant if the Commissioner has reasonably requested information / documentation from the Recipient and this has not been received by the Commissioner in the timescales reasonably required.
Timing of the Grant. 5.1 Payments will be made in arrears, in accordance with Schedule 2, within 21 working days of the receipt of a payment request in the form of Annex A and the supporting monitoring information set out at Schedule 3.
5.2 In order for any payment to be released, the Authority will require the Recipient to:
5.2.1 have signed and returned a copy of this Grant Agreement to the Authority
5.2.2 have provided the appropriate bank details, and
5.2.3 be in compliance with the terms and conditions of this Grant Agreement.
5.3 The Authority reserves the right to withhold all or any payments of the Grant if the Authority has reasonably requested information/documentation from the Recipient and this has not been received by the Authority in the timescales reasonably required.
5.4 The Authority is not permitted to pay the Grant in advance of need. If the Authority reasonably believes that payment is being made in advance of need, it may change the timing and/or the amount of any outstanding Grant payments.
Timing of the Grant. 4.1 The payment will be made in two instalments of equal share, if the schedule differs you will be informed in writing. The first made on return of the Acceptance of Grant Form at Appendix A and the submission of an invoice.
a) Half Year Monitoring and Evaluation Report and the submission of an invoice to be received by 10th October 2019
b) Final Evaluation Report accompanied by an End of Year Financial Monitoring Report, will need completion for the end of the financial year (to be sent to the OPCC by 10 April 2020) to provide an overall conclusion of the project.
4.2 In order for payments to be released the OPCC will require the Recipient to:
a) have signed and returned a copy of the Grant Agreement;
b) have provided the appropriate bank details;
c) be in compliance with the terms and conditions of this Grant agreement; and
d) have provided an invoice addressed to the Bedfordshire Police and Crime Commissioner
e) have completed and returned full Reports as mentioned in 5.1 f) have completed detailed breakdown of expenditure in delivering the Support Service
4.3 Reporting schedule agreed is ………………….
a) Monthly Monitoring Reporting – to be sent by 10th of each Month
Timing of the Grant. 2.4.1 Payment will be paid on receipt of the signed grant agreement form and the requested documentation.
2.4.2 In order for any payment to be released, the Commissioner will require the Recipient to:
a. have signed and returned a copy of this Grant Agreement to the Commissioner b. have provided the appropriate bank details c. be in compliance with the terms and conditions of this Grant Agreement
d. provide organisations governing document such as your constitution and recent accounts or bank statement
2.4.3 The Commissioner reserves the right to withhold all or any payments of the Grant if the Commissioner has reasonably requested information / documentation from the Recipient and this has not been received by the Commissioner in the timescales reasonably required.
Timing of the Grant. 5.1 Payment of grant will be paid quarterly in arrears (invoice will be required), upon adherence to grant terms and conditions and successful completion of quarterly reports (dates as per Schedule 2) and achieving project/service Key Deliverables, KPI’s, Outputs, Outcomes, Key Performance Indicators, Budget (as per schedule 2).
5.2 In order for any payment to be released, the Commissioner will require the Recipient to:
a) have signed and returned a copy of this Grant Agreement to the Commissioner, b) have invoiced the Commissioner for the amount payable in accordance with Schedule 3, c) be in compliance with the terms and conditions of this Grant Agreement.
d) have provided correct Bank Details within their bid/application
5.3 The Commissioner reserves the right to withhold all or any payments of the Grant if the Commissioner has reasonably requested information/documentation from the Recipient and this has not been received in the timescales reasonably required.
Timing of the Grant. 5.1. Grant Claims will be paid in accordance with the payment profile and triggers detailed in Schedule 2, within thirty (30) Calendar Days of the receipt and agreement of correctly submitted supporting information as set out in Schedule 3.
5.2. The Authority shall have no liability to the Recipient for any Losses caused by a delay in the approval of, or amendment to, Eligible Expenditure howsoever arising.
5.3. In order for the Grant to be released, the Authority will require the Recipient to:
a. have signed and returned a copy of this Grant Agreement to the Authority, and
b. have provided the appropriate bank details, and
c. be in compliance with the Grant Agreement throughout the period for which Eligible Expenditure is being claimed.
5.4. Payments will be made by BACS using account details that the Recipient must supply to the Authority. The Recipient is responsible for ensuring that the Authority has been notified of its correct bank account details and any subsequent changes. Original notification of, and all subsequent amendments to, the Recipient’s bank details must be provided on its own headed notepaper duly signed by a Senior Finance Officer.
5.5. The information which the Recipient must supply to the Authority to allow BACS payments is as follows:
1. Registered name of company 1. Registered Address
2. Trading name of company 2. Credit Control/Finance 3. Company registration Address number