Common use of Utilization of Funds Clause in Contracts

Utilization of Funds. (a) It is expressly agreed that the outlay sanctioned hereunder shall be utilized only for the purpose of the assignment and the funds shall not be diverted for any other industry, purpose, assignment or use. (b) Implementing Agency shall channelize the funds as per the above said joint bank account specifically earmarked for the assignment (and not pool it in other finances). (c) In the event of any misutilisation of funds (like diversion for any other purpose other for which it is granted, misappropriation etc.) and non achievement of targets fixed for the cluster, the Implementing Agency shall be bound to refund the entire amount released to it by the Coir Board along with interest and penal interest at the rates as may be decided by the Coir Board. (d) The funds earmarked towards the cost of implementing agency shall be utilized for the development of cluster. (e) The Implementing Agency will arrange for the credit requirements including working capital for activities within the cluster.

Utilization of Funds. (a) It is expressly agreed that the outlay sanctioned hereunder shall be utilized only for the purpose of the assignment and the funds shall not be diverted for any other industry, purpose, assignment or use. (b) Implementing Agency shall channelize the funds as per the above said joint bank account specifically earmarked for the assignment (and not pool it in other finances). (c) In the event of any misutilisation of funds (like diversion for any other purpose other for which it is granted, misappropriation etc.) and non achievement of targets fixed for the cluster, the Implementing Agency shall be bound to refund the entire amount released to it by the Coir Board Khadi and Village Industries Commission along with interest and penal interest at the rates as may be decided by the Coir BoardKhadi and Village Industries Commission. (d) The funds earmarked towards the cost of implementing agency Implementing Agency shall be utilized for the development of cluster. (e) The Implementing Agency will arrange for the credit requirements including working capital for activities within the cluster.