Scheme Payment Plan
I. Introduction
This Scheme Payment Plan outlines the disbursement schedule and conditions for the allocation of grant funds to recipients. This plan aims to ensure transparency, accountability, and efficient use of public funds.
II. Payment Schedule
The payment schedule for the grant funds is structured as follows:
Disbursement Stage | Percentage of Total Grant | Conditions for Release |
|---|
Initial Disbursement | 25% | Upon signing the grant agreement |
Second Disbursement | 25% | After submission of the first progress report and financial statement |
Third Disbursement | 25% | Upon completion of the mid-term review and approval of the interim report |
Final Disbursement | 25% | After final report and financial statement are reviewed and approved |
III. Terms & Conditions
Eligibility: Recipients must meet all eligibility criteria as outlined in the grant agreement.
Use of Funds: Grant funds must be used solely for the purposes specified in the grant proposal.
Reporting Requirements: Recipients must submit progress reports, financial statements, and other documentation as required.
Compliance: Recipients must comply with all applicable laws, regulations, and guidelines.
Audit Rights: The government reserves the right to audit the use of grant funds at any time.
IV. Compliance
Recipients are required to adhere to the following compliance requirements:
Financial Reporting: Accurate and timely submission of financial reports.
Progress Reporting: Regular progress reports detailing the use of funds and project milestones.
Site Visits: Allow government representatives to conduct site visits and inspections.
Record Keeping: Maintain detailed records of all expenditures and activities funded by the grant.
V. Reporting
Recipients must provide the following reports:
Report Type | Due Date | Content |
|---|
Initial Report | Within 30 days of receiving the initial disbursement | Overview of initial activities and fund utilization |
Progress Reports | Every six months | Details on the progress of the funded project |
Interim Report | At the mid-term point of the project | Comprehensive update on project status and use of funds |
Final Report | Within 60 days of project completion | Comprehensive overview of the project and financial summary |
VI. Penalties
Failure to comply with the terms and conditions of this payment plan may result in:
Withholding of Funds: Suspension of future disbursements.
Repayment: Requirement to repay disbursed funds if misuse or non-compliance is identified.
Legal Action: Initiation of legal proceedings to recover misused funds.
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