DISBURSEMENT LETTER

DISBURSEMENT LETTER

DISBURSEMENT LETTER

helb disbursement for freshers 2016/2017   - [Date]
[Addressee name: the letter should be addressed to the person indicated in the financing agreement as the Recipient’s representative]
[Street Address]
[City] [Country]
Attention:  [name and position]
Dear [Sir or Madam],

Re: Grant No. [  ] [Project name]:

Reference is made to Grant Agreement No. [  ], dated [  ], between [  ] (the “Recipient”) and the Nordic Development Fund (the “Fund”) for the amount [ ] ( [grant amount written out in words]  ) (the “Grant”) for the [project name] (the “Project”) in co-financing with the [partner agency name], (the Partner Agency).

The purpose of this letter (the Disbursement Letter) is to outline the disbursement procedures as well as to set out any additional instructions regarding withdrawal of proceeds of the Grant. Unless otherwise defined in this Disbursement Letter, the capitalised terms used have the same meaning as in the Grant Agreement.

Conditions Precedent
With reference to Article III of the Grant Agreement, we would like to remind you that, prior to making the first disbursement from the Grant, the Fund must receive, in form and substance acceptable to the Fund:
(i)    a legal opinion showing that the Agreement has been duly authorised or ratified by, and executed and delivered on behalf of the Recipient and is legally binding upon the Recipient in accordance with its terms;
(ii)    if requested by the Fund, further evidence satisfactory to it that the execution and delivery of this Agreement on behalf of the Recipient has been duly authorised by all necessary authorities;
(iii)    evidence satisfactory to the Fund of the authority of the person or persons authorised to sign disbursement requests on behalf of the Recipient and the authenticated specimen signature of any such person;
(iv)    evidence satisfactory to the Fund that other financing, including financing from the Recipient as well as the Partner Agency, required for the Project has been obtained, and that conditions precedent to the effectiveness of such financing have been met;
(v)    if relevant, certified copies of implementation agreements, acceptable to the Fund, whereby the Recipient makes the Grant available to the Implementing Agencies; and

(iv)    any other documentation the Fund reasonably requests relating to the execution of this Agreement or the implementation of the Project.

Please note that in accordance with Section 7.02 of the Grant Agreement, the Fund has the right to terminate the right of the Recipient to draw down the Grant and cancel the Grant if the Conditions of Disbursement have not been fulfilled 180 days after the date of the Grant Agreement. The Fund will confirm by letter when the conditions precedent are satisfactorily fulfilled.

Disbursement Method(s)
The following disbursement method[s] may be used under the Grant: [select applicable methods and renumber as applicable]
(i) direct payment(s) to the Contractor(s) for the cost of Eligible Expenditures incurred (“Direct Payment”);
(ii) payment(s) for the cost of Eligible Expenditures through a financial institution under a Special Commitment issued by the Fund  (“Special Commitment”);
 (iii) advance payment(s) to one or more Special Accounts opened for the purposes of the Project (“Special Advance”);
 (iv) reimbursement of Eligible Expenditures which have been incurred and paid for with the Recipient’s own resources (“Reimbursement”).
Attached please find the NDF Disbursement Instructions, where additional practical information regarding the disbursement procedures is provided, together with relevant forms and templates.

[Other Information]
[Add other relevant information if needed]

We look forward to receiving the requested documentation at your earliest convenience. Should you have any enquiries relating to the above, please do not hesitate to contact the undersigned.
Yours sincerely,
[Name] [Position]

Copy to:
[Implementing agency]
Attn: [co-ordinator]

 [Lead agency]
Attn: [Task leader]

Attachments:   

    NDF Disbursement Instructions (xx 2014)

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