Sample Contractor Agreement For A Canadian Registered Charity Carrying Out Foreign Activities Page 5
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124. Advance
With respect to any Project, CANADIANCHARITY may advance to
INTERMEDIARY funds prior to the commencement of the Project. This amount will be
considered an advance against fees and expenses incurred by INTERMEDIARY and will be
accounted for in the final invoice for the Project.
5. Equipment
In the event that one party provides capital equipment to the other then such
equipment is owned by the party that provided it and such party retains all rights with
respect to the equipment and the recipient party shall be a trustee of such equipment only
and shall have no right of ownership with respect to same, unless agreed in writing to the
contrary by the parties. Each party shall have and will maintain full and complete
direction, control and supervision over the use and application of its own equipment. On
the completion or termination of this Agreement for any reason, unless agreed in writing
otherwise, such equipment or the then fair market value of same shall be returned.
6. Immovable Capital Assets
Where any party pays for the acquisition, construction, or improvement of any
immovable capital property, legal title shall be held in the name of the party that paid for
the immovable capital property except as provided hereafter.
If agreed in writing
between the parties the immovable capital property may be held by a government agency,
municipality or non-profit organization that is established to provide benefits to the
community at large, subject to there being reasonable written assurances that the property
will continue to be used for exclusively charitable purposes upon and after completion of
the capital project.
7. Progress Reports & Payments
Any payments contemplated under this Agreement will be made by installments listed in
a disbursement schedule based on confirmation of reasonable progress in the charitable
activities and programs as set out in Schedule “A” and that any resources or funds
provided earlier have been applied to such activities.
When funds are transferred
pursuant to this Agreement they will be clearly identified as being part of a particular
project and will be used only for such project and pursuant to this Agreement and the
budget contained in Schedule “A”.
The INTERMEDIARY agrees that if the
INTERMEDIARY is not abiding by this Agreement, then the CANADIANCHARITY, at
its own discretion, may withdraw or withhold funds or other resources. Financial and
narrative reports should be sent by INTERMEDIARY by email to ___________ at
CANADIANCHARITY whose e-mail is ____@__________________.
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