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Are there limitations, requirements, agreements that need to be signed regarding how the prize money would be used?

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Are there limitations, requirements, agreements that need to be signed regarding how the prize money would be used? Will it be a 1-time lump sum payment? Would I be able to use the prize money to compensate the team members that developed the system, if they developed it on a volunteer basis?
asked Jan 13, 2015 in Selecting the Winners by Beyond the Box

1 Answer

Prize money will be awarded in one payment to the team leader.  It is the responsibility of the team leader to make all arrangements with team members regarding compensation or payments from the prize money, as well as any payments for equipment or materials use, purchase or rental.  It is strongly advised that these arrangements be agreed to in writing and in place prior to submission.  The prize money is taxable.  It is the responsibility of the team leader to consult appropriate tax and/or legal counsel to ensure compliance with applicable tax law.
answered Jan 13, 2015 by Beyond the Box

 

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