NOW, THEREFORE, be it resolved, as it hereby resolved that the parties
hereto agree and bind themselves as follows:
DUTIES AND RESPONSIBILITIES
Release, through the SB Corporation as Fund Manager, the needed
project funds in the amount of _____________________.
Monitor the proper utilization of the project fund that was released to
the executing agency.
Submit annual (calendar year) accomplishment report to Congress
and the Office of the President concerning the utilization of the BMBE
Implement the project in accordance with the proposal approved by
the SMED Council.
Submit to the SMED Council a quarterly audited report on the utilization
of project fund.
Submit to the SMED Council a quarterly status report on the progress
of the respective projects and such other reports as may be required.
Submit a terminal report to the SMED Council upon completion of the
This agreement shall take effect as of the date of signing and shall remain
effective, unless otherwise terminated upon due and formal notice of both parties
involved herein at least thirty (30) days prior thereto.
The termination of this Agreement shall be without prejudice to the rights
of the parties which have accrued during the effectivity thereof.
IN WITNESS WHEREOF, the parties have hereto affixed their signature
on this ____ day of ____________, 2006 at _________.