Finalise the project
- finalising the details of the project for incorporation into a Deed of Funding
- independent third party due diligence and reference checks on all applicants approved to proceed to Stage 2.
Applicants have approximately three months to complete Stage 2 of the funding process.
Applicants will be allocated an analyst from the Ministry to support them through Stage 2 of the funding process.
Sign deed of funding
Successful applicants are required to sign a Deed of Funding with the Ministry. Proof of legal entity status will be required before the Deed of Funding is signed.
The Deed of Funding describes the obligations and rights of the contracting parties and includes the following details:
- contracting parties
- contract term (maximum of three years)
- project description
- funding conditions
- activities and deliverables
- intellectual property
- payment conditions.
Fund recipients begin work on their projects and report to the Ministry as stipulated in the Deed of Funding.
The Ministry monitors and assesses each project against the stated performance measures and conditions within the Deed of Funding. Progress payments will be made in arrears once agreed deliverables have been submitted to the Ministry and have been assessed as complete and satisfactory.