Pursuant to the sections below per the redemption contracts signed between grantees and the LACF, all grantees are expected to submit their quarterly reports 15 days after the end of each quarter. 

5. POST-MATCHING GRANT DISBURSEMENT CONDITIONS

1. The Grantee shall provide quarterly update reports on the following key project requirements effective from the date of first disbursement:
2. The Grantee shall complete and submit a quarterly report to update LACF on the performance of the award from time to time. This shall include a Financial and Narrative Report with a specific emphasis on the use of funds.
3. Grantee agrees to maintain its financial and other records in such manner to adequately demonstrate that the Grant funds were used exclusively for the purpose of the Grant as stated in this Agreement and shall make them accessible to LACF or any Consultant designated by the Ministry of Agriculture. The use of Grant funds is restricted solely to the purpose of the Grant as described herein and should be so designated on Grantee’s accounting and financial records. Under no circumstances may Grant funds be expended, borrowed (inter-fund), pledged, or transferred for reasons unassociated with the stated purpose of this Grant. At a minimum, the financial records must include:
   
   1. Identification, in the Grantee’s accounts, of all LACF awards received and expended.
   2. Accurate, current, and complete disclosure of the financial results of each LACF award in accordance with the reporting requirements.
   3. Records that identify adequately the source and application of funds for LACF- funded activities.
   4. Effective control over, and accountability for, all funds, property, and other assets. The grantee entity must adequately safeguard all assets and assure that they are used solely for authorized purposes.
   5. Comparison of expenditures with budget amounts for each LACF investment.
4. The LACF matching grant shall strictly be utilized for the purpose intended. There shall be no comingling of funds, and grant funds shall not be invested in any other venture apart from the FAC approved sub-project purpose under any circumstances.
5. In compliance with the relevant laws of Liberia, data on this grant agreement could be shared with other institutions.
6. TheGrantee shall grant all Ministry of Agriculture and LACF staff access to the business premises or farms for inspection. The Grantee shall permit any exercise required by the LACF or STAR-P that may help to achieve the overall STAR-P project objective.
7. LACF, through the Fund Manager, reserves the right to commission an external audit of the financial reporting provided by the Grantee at any point in the Funding Period.
8. The Grantee agrees to an embedded Technical Assistance in the event that the LACF deems it necessary to implement a successful project.
9. The Grantee shall develop and implement KPIs for operational efficiency, financial management, etc
10. KPIs shall be monitored as part of the Monitoring and Evaluation framework
11. The Grantee shall ensure that all assets purchased, constructed, or whatsoever form obtained through or with the partial or full assistance of funds from the LACF, are appropriately branded with the LACF approved branding /logo on or before the commencement of the use or operationalization of the said asset. The Grantee shall notify the LACF at least one week from the planned date of the commencement of use or operationalization of the asset(s).

Failure of the Grantee to give the LACF prior notice for an asset to be branded prior to their use shall be a breach of the terms of the grant agreement. In such a situation, the Grantee shall bear the full cost of ensuring that the LACF brands the asset(s) at a later time agreed by both the Grantee and the LACF.

In the event that the LACF is unable to brand the asset(s) at the time of the notification from the Grantee, the LACF shall authorize the Grantee to proceed with the commencement of the use or operationalization of the asset(s). This is to ensure that the Grantee’s operations do not suffer due to the unavailability of the LACF branding team. 

In such a situation, the LACF shall bear the full cost of branding the asset(s) at an agreed later date. 

1. Failure to comply with the terms and conditions of the matching grant shall lead to termination of this agreement.
2. All other LACF terms and conditions relating to the provisions of the Fund or any other support shall apply. 

6. SPECIAL CLAUSES

(i). The Grant shall be used exclusively as described in the Project Appraisal Document. No part of the Grant funds may be used to participate or intervene in (including the publishing or distributing of statements) any political campaign on behalf of or in opposition to any candidate for public office. In addition, Grantee agrees that no part of the Grant funds will be used for any purpose prohibited by the laws of Liberia.

(ii). The receipts and disbursements related to this Grant shall be retained by Grantee for at least three years after final disbursement of the Grant. LACF may, at its expense and on reasonable notice to Grantee, inspect, audit, or copy the Grantee’s records pertaining to this Grant. Grantee agrees to cooperate with respect to any such inspection or audit.

(iii). Any portion of the Grant not used for the purposes stated hereinabove within the designated Grant period and reported must be repaid to LACF within thirty (30) days of the end of the Grant period.

(iv). If Grantee should ever breach any of the material representations, warranties or covenants contained in this Agreement or otherwise fail to perform any of the material specific undertakings set forth in this Agreement, and such breach or failure is not waived in writing by LACF or corrected by Grantee according to the satisfaction of LACF, then, in addition to any remedies available at law or equity, (a) LACF may, in its sole discretion, terminate any and all obligations with respect to further distributions, whether to be made as part of this Grant or any other approved Grants from LACF, and (b) LACF may require that Grantee return all previously disbursed funds to LACF, along with a reasonable rate of interest. All matters regarding compliance with this Agreement shall be decided unilaterally and conclusively by LACF. 

(v). The LACF by notice in writing to the Grantee terminate this Agreement with immediate effect if any of the following events occur:

(a)  the Grantee intends to use, has used in the past, or uses the Grant Funding for purposes other than those for which they have been awarded;

(b)  the Grantee is, in the reasonable opinion LACF, delivering the Funded Activities in a negligent manner; in this context negligence includes but is not limited to failing to prevent or report fraud or corruption or failing to comply with environmental and social safeguard policies.

(c)  LACF determines (acting reasonably) that any director, member or employee of the Grantee has:

1. acted dishonestly or negligently at any time during the term of this Agreement and to the detriment of the project; or
2. taken any actions which unfairly bring or are likely unfairly to bring LACF’s name or reputation into disrepute. 

(d)  the Grantee commits a material breach of the Agreement.