Is there a minimum duration for a covenant (clawback)?

Answered 12 Sep 2008 by c.cattell

Where a grant is convenanted to a company/charity for a number of years while they carry on particular activities - is there a minimum number of years that this needs to be in place?

At the end on the covenanted period the company/charity can write off the amount given in their books - is this correct?

What type of legal agreement will cover this - a simple line stating the terms and conditions of the grant - will that do it? 



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Charlie Cattell is a specialist in legal and governance matters relating to social enterprises, charities and voluntary organisations, assisting a wide range of groups with legal structures, organisational management, and regulatory issues.