A Washington Recoverable Grant Agreement is a legal contract between the Washington State Government and an entity or organization, establishing the terms and conditions for the disbursement and repayment of grant funds. This agreement provides financial support to eligible recipients while ensuring the funds are recoverable under certain circumstances. The primary objective of a Washington Recoverable Grant Agreement is to promote economic development, support job creation, and encourage growth of key industries within the state. These agreements are typically utilized in situations where a grant is awarded to an entity for a specific project or initiative that is expected to yield tangible benefits for the state's economy and community. Under the terms of the agreement, the recipient receives the grant funds to finance the approved project or activity. However, unlike typical grants, which do not require repayment, a recoverable grant includes provisions for the recipient to repay a portion or the entire amount disbursed, subject to certain conditions. There are different types of Washington Recoverable Grant Agreements, each tailored to specific circumstances and objectives: 1. Standard Recoverable Grant Agreement: This is the most common type, where the recipient must pay back a portion or the full amount of the grant, usually with interest, within a defined timeline. The repayment terms and interest rates may vary depending on the nature of the project and the funding agency. 2. Performance-Based Recoverable Grant Agreement: In this type, the repayment obligation is contingent upon the achievement of specified performance milestones or targets. The recipient is required to repay the grant only if the agreed-upon outcomes are successfully accomplished. This approach incentivizes the recipient to achieve predetermined goals and ensures accountability. 3. Industry-Specific Recoverable Grant Agreement: These agreements are designed to support and foster growth in specific industries or sectors. The terms and conditions may incorporate industry-specific requirements, such as job creation, technology development, or infrastructure improvement. Repayment terms may be customized based on the industry's unique characteristics and potential economic impact. 4. Capital Investment Recoverable Grant Agreement: This type of agreement is used when the grant funds are primarily intended for capital investment purposes, such as construction, renovation, or acquisition of infrastructure or equipment. The repayment terms are structured to align with the anticipated return on investment and the expected economic benefits generated by the funded project. Washington Recoverable Grant Agreements play a crucial role in stimulating economic development, leveraging private investment, and ensuring responsible use of public funds. By providing financial support with a recoverable aspect, these agreements promote accountability, sustainability, and long-term economic growth for the benefit of the state and its residents.
Washington Recoverable Grant Agreement
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Grants are awards of financial assistance, usually from a governmental agency or foundation, primarily for carrying out a public purpose of support or stimulation. A grant is distinguished from a contract, which is used to acquire property or services for the government's direct benefit or use. Grant and Contract - Division of Financial Services - Cornell University cornell.edu ? topics ? revenueclass ? grant... cornell.edu ? topics ? revenueclass ? grant...
In addition to standard terms describing grant amounts and purposes, agreements also include provisions regarding intellectual property rights, reporting requirements, and indemnification, among other subjects. Special provisions are included that deal with international philanthropy.
The government uses grants and cooperative agreements as a means of assisting researchers in developing research for the public good, whereas it uses contracts as a means of procuring a service for the benefit of the government. Grants are much more flexible than contracts. What is the difference between a Federal Grant and a Federal ... pitt.edu ? news ? what-difference-betwe... pitt.edu ? news ? what-difference-betwe...
If the purpose is to acquire property or services for the direct benefit or use of the federal government, the agency is to use a procurement contract; if the purpose is to stimulate or support an activity that serves a public purpose, the agency is to use a grant or cooperative agreement. Henke v. U.S. Department of Commerce, 83 F.3d 1445 - Casetext casetext.com ? case ? henke-v-us-department-of-c... casetext.com ? case ? henke-v-us-department-of-c...
Grant agreement. ?Grant agreement? means a legal instrument of financial assistance between a Federal agency and a non-Federal entity that, consistent with 31 U.S.C.