Provision Language
4. OBLIGATIONS OF BIOVAC
Biovac undertakes to:
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4.2 Provide technical reports to MPP detailing the progress made towards achieving the milestones defined in the Scope of Work. Biovac agrees that such reports will be treated as Confidential Information, but that they will be shared with WHO and any other Third Party as may be agreed between the Parties under confidentiality obligations no less stringent than contained in this Agreement.
6. GRANT PAYMENT AND USE OF FUNDS
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6.5 Biovac will submit to MPP quarterly financial reports in the format as indicated in Annex 6, and:
(a) be sent within 10 – working days after the end of each calendar quarter;
(b) be issued in ZAR currency;
(c) contain the comparison between the actual spending versus the budgeted amounts;
(d) be certified as complete and accurate by an authorized official of Biovac for the activities performed; and
(e) be sent to the address set forth in Annex 6.
6.6 In addition to quarterly financial reports under this Agreement as per Section 6.5, Biovac shall provide to MPP an audited annual statement comprising the following elements by the 15th April of each year:
(a) a project audit report based on a procedure mutually agreed between MPP and Biovac; and
(b) a questionnaire, in a format to be provided by MPP, regarding the use of funds under this Agreement. Such questionnaire shall be signed by an auditor mutually agreed upon by the Parties.
6.7 Biovac shall submit a final statement of cumulative costs incurred marked “FINAL” to MPP no later than 60 days after completion or termination of the Funded Project. The final statement of costs shall constitute the final financial report of Biovac. All payments hereunder shall be provisional and subject to adjustment within the total estimated cost under this Agreement in the event such adjustment is the result of a finding against Biovac pursuant to Section 6.13.
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6.12 Biovac shall maintain supporting documentation for all costs associated with the Funded Project, including records substantiating time and/or percentage of effort for all salaries paid or funds expended with funds provided under this Agreement. All records and documentation related to this Agreement shall be maintained in accordance with applicable laws and regulations and generally accepted accounting principles for a period of five years from completion of the Funded Project.
6.13 MPP or its authorized representative shall have the right to review and audit all costs alleged to have been incurred hereunder and those records required by Section 6.12 at agreed upon times and locations. Biovac shall provide MPP with copies of any audit report which presents any instance of noncompliance with laws or regulations relating to the performance or administration of this Agreement. Biovac shall also provide copies of any response to any such report and a plan for corrective action. Biovac shall maintain a separate accounting cost code specific to this grant, and all costs and income properly relating to this grant shall be accounted for through that cost code. Biovac shall ensure that appropriate records are kept supporting the entries made on the cost code.
7. GRANT OF LICENCE AND INTELLECTUAL PROPERTY
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7.4 MPP shall have the right to share any data generated under the Project with WHO for further sharing with any Third Parties for the purposes of fulfilling its mission to facilitate the development and equitable access of mRNA technologies in the Territory.
9. AUDIT
In addition to the audit rights in Section 6.13, MPP or its authorized representative will have the right to audit Biovac’s compliance with Sections 4.6 and 7.2 of this Agreement. Biovac will be required to keep accurate records to allow MPP or its authorized representative to adequately conduct such audit.