Scholarship Award Agreement

SCHOLARSHIP AWARD AGREEMENT

This Scholarship Award Agreement (the "Agreement") is made and entered into as of by and between Provider Name: (the "Provider"), with principal address , and Recipient Name: (the "Recipient"), with address .

RECITALS

WHEREAS, Provider maintains funds and programs to support postsecondary educational attainment and desires to award a scholarship to Recipient to support eligible educational expenses; and

WHEREAS, Recipient has applied for and been selected to receive a scholarship for the purpose of defraying tuition, fees, books, and other direct educational costs in accordance with the terms set forth herein; and

WHEREAS, the parties wish to set forth the terms and conditions governing the award, disbursement, and use of the scholarship funds.

NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:

1. SCHOLARSHIP AWARD

1.1 Award. Provider agrees to award to Recipient a scholarship in the total principal amount of $ (the "Award"), subject to the terms and conditions of this Agreement.

1.2 Purpose. The Award shall be used solely for qualifying educational expenses, including tuition, mandatory fees, required course materials, and other expenses expressly approved in writing by Provider. Any use of Award for non-eligible purposes constitutes a material breach and may require repayment pursuant to Section 6.

2. PAYMENT AND DISBURSEMENT

2.1 Disbursement Method. Payments shall be made by Provider to:

2.2 Payment Schedule. Provider will disburse the Award in accordance with the following schedule: . Provider may require verification of enrolment or bills/receipts prior to each disbursement.

3. CONDITIONS OF THE AWARD

3.1 Eligibility. Recipient shall remain eligible for the Award only so long as Recipient complies with the eligibility requirements set forth by Provider, including but not limited to continuous enrollment in an accredited institution, maintenance of a minimum cumulative grade point average of , and satisfactory academic progress.

3.2 Conditions Precedent. Disbursement of the Award is conditioned upon Recipient's submission of documentation reasonably requested by Provider, including enrollment verification, itemized tuition statements, receipts for allowable expenses, and any required attestation of continued eligibility.

3.3 Repayment. If Recipient materially misrepresents facts to obtain the Award or uses Award funds for unauthorized purposes, Recipient shall repay the unexpended portion of the Award within thirty (30) days of demand, together with any costs of collection, including reasonable attorneys' fees.

4. REPORTING, RECORDS AND AUDIT

4.1 Recipient shall provide Provider with academic transcripts, receipts, and other documentation demonstrating use of Award funds upon Provider's reasonable request. Such records shall be retained by Recipient for a period of not less than three (3) years from the date of disbursement and made available for inspection upon reasonable notice.

5. TERM, TERMINATION AND EFFECTS OF TERMINATION

5.1 Term. This Agreement commences on the Effective Date and continues until the Award has been fully disbursed and all post-disbursement obligations are satisfied, unless earlier terminated in accordance with this Agreement.

5.2 Termination for Cause. Provider may suspend or terminate the Award for material breach, loss of eligibility, fraud, or misconduct by Recipient. Upon termination, Provider may withhold further disbursements and demand repayment under Section 3.3.

6. TAXES AND BENEFITS

6.1 Responsibility for Taxes. Recipient acknowledges that Recipient is solely responsible for determining and reporting any tax consequences arising from receipt of the Award and for payment of any applicable federal, state, or local taxes. Provider makes no representation as to tax treatment of the Award.

7. PUBLICITY

Provider may wish to announce the Award and publish Recipient's name and program of study. Recipient hereby: permits Provider to use Recipient's name and likeness for publicity and promotional purposes, subject to Recipient's right to withhold consent by notifying Provider in writing. If permission is granted, describe any restrictions:

8. REPRESENTATIONS, WARRANTIES AND COVENANTS

8.1 Recipient represents and warrants that all information submitted in the application and in support of disbursement is true, complete and accurate. Recipient covenants to notify Provider promptly of any change in circumstances that would affect eligibility.

8.2 Provider represents that it has the authority to make the Award and that the Award is not conditioned on any unlawful consideration.

9. INDEMNIFICATION; LIMITATION OF LIABILITY

9.1 Indemnification. Each party agrees to indemnify and hold harmless the other party from and against any third-party claims, liabilities, losses or expenses arising from the indemnifying party's breach of this Agreement, negligence, or willful misconduct.

9.2 Limitation of Liability. Except for indemnification obligations and liabilities arising from fraud or willful misconduct, neither party shall be liable for consequential, incidental, punitive, or special damages.

10. CONFIDENTIALITY

10.1 Confidential Information as used herein means non-public information marked or identified as confidential and provided in connection with this Agreement. Parties will not disclose Confidential Information except as required by law or with prior written consent.

11. NOTICES

All notices and communications required under this Agreement shall be in writing and delivered to the addresses below by certified mail, nationally recognized overnight courier, or hand delivery, and shall be effective upon receipt.

12. AMENDMENTS; WAIVER; COUNTERPARTS

12.1 Amendments. Any amendment to this Agreement must be in writing and signed by both parties.

12.2 Waiver. Failure to enforce any provision shall not constitute a waiver of future enforcement of that or any other provision.

12.3 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and together shall constitute one and the same instrument.

13. GOVERNING LAW; ENTIRE AGREEMENT; SEVERABILITY

13.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the state identified by Provider's principal address without regard to conflict of law principles.

13.2 Entire Agreement. This Agreement, together with any schedules or attachments expressly incorporated herein, constitutes the entire agreement between the parties with respect to the Award and supersedes all prior and contemporaneous understandings and agreements, whether written or oral.

13.3 Severability. If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall remain in full force and effect to the fullest extent permitted by law.

14. MISCELLANEOUS

The parties acknowledge that they have read and understand this Agreement, that they have had the opportunity to seek independent advice, and that they are authorized to enter into this Agreement.

Sign Now