Provision Language
3. FINANCIAL CONTRIBUTION, [EXTERNAL FUNDING] AND PAYMENT PLAN
3.1 [The allocation of the External Funding will be as set out in the Project Plan unless the Parties unanimously agree otherwise in writing.] Each Party will keep complete and accurate accounts of its expenditure on the Project. Each Party will pay its Financial Contribution to the Project in accordance with Schedule 1 within [30][60] OR [90] days after its receipt of a [quarterly] OR [monthly] invoice for the same. Where any Financial Contribution is being claimed against costs and expenses incurred by a Party, each invoice must be accompanied by a statement certified by an authorised officer of that Party.
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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.]
[3.7 The Lead Party will, within [30] days after receipt of any of the External Funding, pay that External Funding (or the appropriate part of it) to the Party to which that External Funding is due.]
[3.8 Each Party will refund to the Lead Party on demand: any overpayment of any External Funding received by that Party; and any monies received by that Party which the Funding Body requires to be repaid in accordance with the Funding Conditions. Each Party will pay to the Funding Body any payments which are to be made by that Party in order to comply with the Funding Conditions. Each of the other Parties will indemnify the Lead Party and keep it indemnified against all and any refund, repayment or payment which the Lead Party is required to make under the Funding Conditions to the Funding Body on behalf of that other Party or as a consequence of that other Party’s act or omission.]
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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.