Provision Language
2. THE PROJECT
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2.16 Each Party will provide the Project Manager with [monthly][quarterly] OR [annual] reports summarising the progress of the Project and the Results, and the Lead Party will ensure that the Project Manager keeps all the Parties informed about the progress of the Project and the Results. A copy of each Party’s [monthly][quarterly] OR [annual] report will be circulated to each member of the Steering Committee with the written notice for the relevant meeting.
2.17 Each of the Parties will notify the Project Manager promptly after identifying any Result which it believes to be patentable, and will supply the Project Manager with copies of that Result. Each of the Parties will notify other Results to the Project Manager in the [monthly][quarterly] OR [annual] reports provided under clause 2.16.
3. FINANCIAL CONTRIBUTION AND [EXTERNAL FUNDING][AND PAYMENT PLAN]
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3.6 [Claims for any External Funding will be made through the Project Manager. Each of the Parties will provide sufficient information to the Project Manager to allow the Lead Party to claim the External Funding and to submit reports to the Funding Body in accordance with the Funding Body’s requirements from time to time. Each of the Parties will certify its claims for any External Funding in such way as may be necessary to allow the Lead Party to give any certificate required by the Funding Body in relation to those claims.]
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3.9 The Lead Party will ensure that the Project Manager prepares and submits an account of all income and expenditure in connection with the Project [quarterly] to the Steering Committee.
3.10 The Lead Party will ensure that the Project Manager allows an independent chartered accountant appointed by any Party, at that Party’s expense, to examine the accounts and records of the Project Manager relating to the Project provided:
3.10.1 at least [14] days written notice is given in advance to the Project Manager;
3.10.2 the inspection or examination takes place during the Project Manager’s normal working hours; and
3.10.3 the Party appointing the accountant and the accountant will keep confidential any information that it may acquire in the exercise of its rights under this Clause 3.10.
3.11 The Lead Exploitation Party will pay each of the other Parties in accordance with the Payment Plan. Any party to which the Lead Exploitation Party is obliged to make payments under the Payment Plan may appoint an independent chartered accountant, at that Party’s expense, to examine the accounts and records of the Lead Exploitation Party relating to its commercialisation of the Results provided:
3.11.1 at least [14] days written notice is given in advance to the Lead Exploitation Party;
3.11.2 the inspection or examination takes place during the Lead Exploitation Party’s normal working hours; and
3.11.3 the inspecting Party and the accountant will keep confidential any information that it may acquire in the exercise of its rights under this clause.