Provision Language
2. Grant Payment
2.1. Grant for the Project. Subject to the terms and conditions of this Agreement, and Afrigen’s compliance therewith, MPP will fund Afrigen USD$150,615.00 (“Grant”) to perform the Project in accordance with the approved budget set out in Annexure 1 (“Budget”).
2.2. Budget. The Grant provided under this Agreement are to be spent by Afrigen exclusively in accordance with the Budget. Afrigen shall have the right to perform Budget revisions on a quarterly basis. Afrigen shall request MPP’s prior written approval if there is a variance of +/- 5% between the main budget categories.
Any request for Budget modification must include sufficient documentation to justify such request. For the avoidance of doubt, no Budget revision or variance of the Budget’s categories that is permitted under this Clause 2.2 shall result in Spoke spending in excess of the total Grant. Any overspending on Budget will be at the cost of Afrigen, unless otherwise agreed between the Parties.
2.3. Payment Schedule. MPP shall make payments of the grant to Afrigen in accordance with the payment schedule set out in Section 4 of Annexure 1 (“Payment Schedule”). MPP shall pay the amounts in accordance with the Payment Schedule within 30 days from the completion of the relevant milestone of the Payment Schedule via a bank transfer to the Afrigen account set forth in Section 6 of Annexure 1.