Approval and payment of Milestones

1. Upon completion of the Onboarding process the project is considered LIVE and the project can begin. After the receipt 80% of the 1st Milestone Funding Amount, Funded Projects may submit Proof of Achievement as evidence that one or more Milestones in their Statement of Milestones have been completed.

2. Proof of Achievement must be submitted using the Milestone Module Interface. It must provide (a) evidence of the outputs to be delivered for that Milestone, and (b) evidence that the acceptance criteria in the Statement of Milestones for that Milestone have been fulfilled. Funded Projects are responsible for coherently and comprehensively demonstrating that a Milestone has been completed.

3. Upon submission of a Proof of Achievement, Milestone Reviewers will receive notification that a new Proof of Achievement has been submitted for review.

4. Milestone Reviewers will verify that evidence supplied for Proof of Achievement meets the expected achievements stated in the Statement of Milestones, considering expected outputs, acceptance criteria, and evidence of completion. If achievements have not been met, the Reviewers will record what is missing from the Proof of Achievement submission.

5. Once all reviewers form consensus, the Catalyst Team makes a final check and provides final approval. Approval by the Catalyst Team unlocks the Milestone Funding Amount attributed to the next Milestone on the Statement of Milestones.

6. 80% of Milestone Funding Amounts will be paid in equal monthly installments depending on the proposed Milestone Achievement Date for each Milestone. In other words, if a Milestone is scheduled to be completed over a period of 3 months, the Milestone Funding Amount for that milestone will be paid in 3 equal monthly installments. The remaining 20% will be paid upon Milestone completion.

7. As a general rule, 80% of Milestone Funding Amounts are paid in advance to support Funded Projects in the delivery of a Milestone and 20% upon completion. By way of exception, the Milestone Funding Amount associated with the Final Milestone is paid in arrears upon achievement of the Final Milestone as per point 6 above.

8. The first Proof of Achievement submitted by Funded Projects must prove that Milestone 1 has been completed.

9. Funded Projects may submit more than one Proof of Achievement in the same month if required.