Common use of Timing of the Grant Clause in Contracts

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.