TERMS AND CONDITIONS FOR FUNDING OF GOVERNORS’ CHALLENGE FINALISTS AWARDED BY OGUN STATE GOVERNMENT.
Winner(s) will be paid the sum of N1, 000,000 in 3 installments subject to the fulfillment of the under listed terms and conditions.
Payments will be paid in 3 instalments of 30%: 30%: 40%.
These funds MUST be used for the advancement of the ideas proposed at the Governor’s Challenge Demo Day only.
We will monitor the usage of such funds using the following “barometer”.
As part of our goal of ensuring that winner(s) grow their inventions into a business, the first tranche payment will be paid within one month from the Demo Day provided winner(s) have signed and returned the memorandum of acceptance. This action will be deemed as winner(s) acceptance of the terms & conditions set out in this document and will be binding as if it were executed as a contractual agreement between winner(s) and organizing bod.
Winner(s) are also required to attach the following before they can receive the first instalment of prize money: - A one-page document clearly stating how first tranche of funds will be spent.
This MUST as of necessity include a plan to incorporate a company (i.e.: a limited liability company) if winner(s) have not registered a company before now. Note that a business name or Nonprofit is not valid for this purpose
Winner(s) will be required to send us scanned copies of their incorporation documents before they can qualify for the 2nd and 3rd instalments of prize money.
Winner(s) are also required to submit evidence that the rights to their product or invention is owned by the company which they present to us.
Along with the signed Memorandum of Acceptance, they are required to submit one-page document that shows the following
The name of the Team Lead
The name and contact details for at least two other team members
The account details of team lead (A corporate account belonging to the business is preferable, but the personal account of the team lead may be considered (ONLY FOR THIS FIRST TRANCHE)
Second and third Tranches will only be paid into a corporate account maintained by the company winner(s) have presented to us.
All three tranches of Payments will be completed within 24 weeks after final demo day.