COVID-19 Local Advertising Fund Terms & Conditions
By submitting an application, the business agrees to the Terms and Conditions if the business is approved to receive assistance. These Terms and Conditions, the Application, Local Advertising Fund Guidelines, and Claim Form including invoices and proof of payment attachments constitute the entire agreement between the parties.
The Fund is subject to Innovation PEI’s acceptance of listed Eligible Project Cost incurred by a Prince Edward Island (PEI) Company that has incurred direct costs to advertise their goods or services to the Prince Edward Island market.
The Fund will be calculated at the rate of 50 per cent of ad placement cost in local, traditional media outlets, and 25 per cent of cost toward online ad placements directed toward the Prince Edward Island market, to a maximum amount of $2,500.
Payment will be based on the actual Eligible Project Costs as evidenced at the time of application, but in no event will payment exceed the maximum Fund amount.
“Company” means the company identified on the application form.
“Fund” means the financial assistance approved by Innovation PEI for COVID-19 Local Advertising Fund.
“Project” means the specified project-related activities, work, or undertaking presented in the Company’s application (the “Application”).
“Eligible Project Costs” means those reasonable and proper costs of the Project which have been accepted by Innovation PEI, and in accordance with generally accepted accounting principles, excluding the following items:
- HST or any other federal or provincial tax which may be eligible to be fully or partially refunded;
- Any portion of the cost that, in the opinion of Innovation PEI, exceeds the fair market value;
- Expenses incurred before November 15, 2020 or after December 31, 2020;
- Owner or staff labour; and
- Other items deemed not to be related to direct advertising in traditional or online media outlets.
Payment will be based on the Eligible Project Costs identified on the application. The Fund will be paid directly to the Company’s bank account using direct deposit, provided that:
- The Project is completed prior to application;
- All Eligible Project Costs were purchased from a third party (arms-length) supplier;
- Applicant clearly described the completed work, including results as it directly relates to the advertisement of the goods or service;
- Applicant submitted the completed Project Claim Form, invoices, and proof of payment; and
- Applicant provided complete and accurate business banking information.
3.0 ADDITIONAL CONDITIONS
In addition to the foregoing, the Company agrees to the following conditions:
- Eligible Project Costs must be incurred between November 15, 2020 and December 31, 2020. Innovation PEI may decline to contribute to any costs incurred prior to November 15, 2020.
- To complete the project and submit an application not later than February 28, 2021. If an application is not received by Innovation PEI by February 28, 2021, the Company has no future claim to payment of the Fund.
- The Company may make one (1) application, to a maximum of $2,500 per business location.
- The Company consents to have Innovation PEI make any inquiries of such persons, firms, or corporations as it deems necessary in order to reach a decision on this application.
- Release of information relating to the funding of this Project may be made under the terms and conditions of this Agreement. No announcements may be made by the Company without the written approval of Innovation PEI.
- No member of the Legislative Assembly shall be admitted to any part, or share of this Agreement or to any benefits to arise therefrom.
- Should the Company fail to abide by any of the conditions under this Agreement, Innovation PEI may require that the Fund be repaid on demand and any unpaid amounts may be revoked.
- The Company will provide all information required by Innovation PEI to complete the assessment of this application and make payment;
- To permit any authorized representative of Innovation PEI reasonable access to the Company's premises to confirm completion of the Project;
- Innovation PEI may decline to contribute to any cost incurred for the purchase of Project Costs not identified in the Company's application;
- To preserve and keep available for audit, the books, accounts, and records of the costs of the Project for three- years after the completion of the Project. Permit an authorized representative of Innovation PEI reasonable access to the same for the purpose of an audit; supply such statistical data as may be required by Innovation PEI; and
- The Company shall indemnify and save Innovation PEI harmless from all claims, demands, actions, and causes of action of third parties that may arise out of this Project.
4.0 OTHER ASSISTANCE
The Company may not receive non-repayable contribution(s) or Fund(s) from any other source for the Project. If the Company accepts any non-repayable contribution(s) or Fund(s) from any other source for the Project, Innovation PEI’s approval of the Fund will be null and void.
This Agreement shall be governed by and construed according to the laws of the Province of Prince Edward Island and the federal laws of Canada applicable therein, and no action or proceeding shall be brought to construe or enforce this Agreement except in those courts having jurisdiction in the Province of Prince Edward Island.
6.0 FREEDOM OF INFORMATION AND PROTECTION OF PRIVACY ACT
Information contained in and collected in relation to this Agreement is subject to and will be treated in accordance with, the Prince Edward Island Freedom of Information and Protection of Privacy Act. The amount of the Contribution may be disclosed at the discretion of Innovation PEI and in accordance with the Freedom of Information and Protection of Privacy Act R.S.P.E.I. 1988, Cap. F-15.01.
Personal information on this form is collected under Section 31(c) of the Freedom of Information and Protection of Privacy Act and is necessary to determine your suitability and/or eligibility for programs delivered by Innovation PEI. If you have any questions about this collection of personal information, you may contact Innovation PEI, Toll Free: 1-800-563-3734 or Email: email@example.com
- The information provided on this application is, to the best of my knowledge and ability, complete, true, and correct.
- I have read and accept the Terms and Conditions for the COVID-19 Local Advertising Fund