Schedule 4: Funding Amount and Payment

This Schedule of the Standard Funding Agreement outlines the amount of funding and the method and timing of payment.

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Contents: Schedule 4

• Heading
• Item 1: Funding Amount and Payment
• Item 2: Payment in Advance
• Item 3: Indexation

Schedule 4

FUNDING AMOUNT AND PAYMENT

[Comment: this is a self explanatory schedule outlining the amount of funding, and the dates that payments will be made to the organisation. It would usually be expected that payments are made in advance and this is clearly the intention in the agreement. There are however some areas of government that are yet to move to this model. Hopefully greater certainty and reliability will be delivered through the process of updating we have just undertaken.]

Item 1. Funding Amount

For the Services described in Item 1 Schedule 2 - $[INSERT TOTAL AMOUNT INCLUDING A REFERENCE TO WHETHER THE PRICE IS ONLY FOR THE FIRST 12 MONTHS OR THE WHOLE AGREEMENT PERIOD AND IF IT INCLUDES OR EXCLUDES GST - refer to clause 4.4(2). OPTIONAL: ALSO INCLUDE BREAKDOWN OF AMOUNT.].

Item 2. Payment in Advance

(1) The Territory will pay the Funding Amount, or part thereof, in advance as follows:

[INSERT METHOD OF PAYMENT AND THE NUMBER AND DATE OF ADVANCE PAYMENTS FOR EXAMPLE: by way of INSERT DETAILS EG. CHEQUES ISSUED BY THE TERRITORY for the Services provided by the Organisation and payments are to be made within INSERT NUMBER business days of INSERT DATES].

(2) If:

(a) in the case of any part of the Funding Amount having been paid in advance:

(i) the Organisation ceases to provide the Services or any part of the Services; or

(ii) this Agreement is terminated; or

(b) it is discovered that the Organisation has been overpaid for any of the Services,

then the Territory must reasonably determine the amount of any overpayment of the Funding Amount and that amount must be repaid to the Territory in accordance with the terms of this Agreement or if this Agreement is continuing, and at the Territory's discretion, the next payment due to the Organisation may be temporarily or permanently reduced by the amount overpaid.

[OR ALTERNATIVE - SAMPLE - PAYMENT IN ARREARS: REPLACE ITEMS 2(1) AND (2) AS FOLLOWS (OR DELETE THIS ALTERNATIVE IF NOT USED)

(1) The Territory will pay the Funding Amount, or part thereof, by way of cheques issued by the Territory, representing payments for the Services provided by the Organisation, quarterly in arrears within five business days of:

(a) 30 June

(b) 30 September

(c) 31 December

(d) 31 March]

Item 3. Indexation

[INSERT DETAILS]


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