870 R.I. Code R. 870-RICR-20-00-4.10

Current through December 3, 2024

Section 870-RICR-20-00-4.10 - Voucher Agreement

A. Upon approval of a Voucher for an Applicant, the Corporation and the Applicant will enter into a Voucher Agreement. The Corporation in its sole discretion may cancel an approval if mutually agreeable terms cannot be met within 30 days of notification of the approval.

B. In order to safeguard the expenditure of public funds and ensure that the disbursement of funds further the objectives of the Act, the Voucher Agreement shall include, among others, the following terms:

1. the maximum Voucher amount;

2. a description of the Innovation Project and a requirement that the Voucher can only be redeemed for work outlined in that description;

3. a requirement that the Voucher can only be redeemed upon completion of the Innovation Project milestones and the receipt of the Corporation of adequate proof of project expenses;

4. a requirement that the Voucher be redeemed within 12 months of the date of the execution of the Voucher Agreement, subject to any no cost extension granted by the Corporation for good cause shown;

5. an indemnification provision;

6. reporting and program evaluation requirements;

7. a provision prohibiting transfer of the Voucher; and

8. any other provisions that the Corporation determines are appropriate.

870 R.I. Code R. 870-RICR-20-00-4.10

Amended effective 9/27/2023