Master Alliance Provisions Guide (MAPGuide)

CEPI – VBI, COVID-19 Vaccine Development Funding Agreement

  • Business model | Payment Structures

3 Use of Funds; Procurement; Project Records

3.1 Use and Management of Funds. The Budget sets out the total funding to be provided by CEPI to Awardee for each Work Package. Awardee shall use this funding only in accordance with a Work Package unless otherwise agreed in writing by CEPI in advance. Awardee shall manage all funds received by Awardee for the Project (whether CEPI funds or funds provided by a third party) with financial controls and practices consistent with U.S. GAAP, IFRS or local GAAP, and further in compliance with applicable CEPI policies and procedures as described in Clause 11.2 of this Agreement.

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3.4 Payments. Payments to Awardee under this Agreement shall be made in U.S. dollars (US$) to Awardee’s bank account identified on the Agreement Summary. CEPI shall make payments in tranches covering six (6) month periods as set out in the Budget. Awardee shall be entitled to submit a payment request form to CEPI upon execution of this Agreement and thereafter at the same time as the semiannual financial reporting. Tranches of funding for each payment request submitted under this Agreement in accordance with the Budget shall be paid by CEPI within twenty (20) Business Days after receipt and approval by CEPI of all of the following: (i) payment request by Awardee; (ii) any quarterly Technical Report due at the time of the payment request; and (iii) any quarterly Financial Report due at the time of the payment request; each to be submitted using templates provided by CEPI. Payments may be adjusted by CEPI to reflect any underspend as well as any interest earned on unutilised funds as noted in the Financial Report.

3.5 Delayed Payments. CEPI may delay or condition a payment if: (a) Awardee has not achieved a material milestone in accordance with the iPDP by the agreed time, unless such delay has been approved in writing by the JMAG in accordance with the Team Charter or otherwise by CEPI; (b) The Awardee or any Subawardees are no longer in compliance with the representations and warranties in Clause 17 at the time the payment tranche is requested; or (c) Awardee has not reasonably completed the payment request form or submitted reasonably satisfactory Technical Reports and Financial Reports.

3.6 Hold on Payment During a Material Breach. CEPI is not obliged to pay any tranches of funding for any Work Package for so long as Awardee is in breach of a material obligation under this Agreement.

3.7 Retained Final Payment. CEPI shall retain ten percent (10%) of the payment tranche in respect of the final 6 months’ of the term of the Project and release it within twenty (20) Business Days after approving Awardee’s final Technical Report and Financial Report for the final Work Package.

3.8 Financial Reports. Awardee shall provide reports of its expenditure under the Budget with supporting documentation and using a template provided by CEPI (“Financial Reports”) within thirty (30) Business Days of the end of each calendar quarter during the term of the Project or such other date(s) as may be identified in the Budget. Awardee shall submit a final Financial Report for a Work Package within sixty (60) days after the completion of any Work Package.