The outcome of the review process will be communicated to the Project Steering Committee (PSC). The PSC will provide its final recommendations to the Board of the Council. This may lead to one of the following recommendations:
1. Approval for full funding, or
2. Approval for partial funding, or
3. Not approved.
In case of partial funding, the Project Leader will be convened to a meeting at the Council to explore the feasibility of carrying out the project within the funding proposed by the MRIC. The Project Leader will have to submit a revised proposal along the lines of any agreement reached. In case of full funding, there may be an optional meeting to discuss the modalities of implementation and funding. In case of modifications to the original proposal, which may be required as a result of recommendations made by the reviewers/Committee/Council, the Project Leader will be requested to resubmit a detailed revised proposal.
When an award or declination is made, the Project Leader may receive, upon request: (to be added elsewhere)
1. Extracts of the evaluations, excluding the names of the reviewers;
2. A description of the process by which the proposal was reviewed; and
3. The context of the decision.
In the event of an award,
· The grantee, and any collaborating partner(s), should use all reasonable endeavours to obtain all regulatory and ethical licenses, consents, and approvals necessary to allow it to carry out the activities allotted to it under the initiative.
· The grantee will be required to make certain legal commitments through acceptance of the terms and conditions in the funding agreement.
· The grantee will be required to open a dedicated bank account to manage funds for the initiative.
· The grantee must provide a written Collaborative Agreement between any collaborating company or institution involved in the initiative. The Agreement could cover the allocation of intellectual property rights and rights, if any, to carry out follow-up research, development, and/or commercialisation. The agreement must be signed and official seal affixed by the head of the main applicant and the head of the collaborating partner(s).
Upon signing of the contractual agreements by all parties concerned, funding for the first milestone will be released to the grantee to initiate the initiative. This will be done after verifying transfer of the grantee’s in-cash contribution for the first milestone to a dedicated bank account.
The budget should reflect cost for work to be done only after the effective date of the award. Any cost incurred prior to the issuance of an award document is at the grantee's own risk. Budgets for each proposed activity must be justified and related to the objectives of the initiative.