Condition GEN015: Funding recovery methods

Type:

Rule or condition

Where funding is owed by a tertiary education organisation (TEO) to the Tertiary Education Commission (TEC), it will be recovered by one or more of the following methods:

• A reduction in the next payment due
• If the next payment due is not large enough, then the TEC will also issue a 'letter of demand' for the remaining funding to be repaid
• Set-off against any funding or money payable to the TEO by the TEC, if the funding recoverable from the TEO has been outstanding as a debt for 90 days or more
• In exceptional circumstances funding due may be repaid over a longer timeframe but only with the agreement of the TEC, in line with the TEC's debt management policy.