In the event a team is working on delivering a project that has not been formally contracted but has been informally awarded by the client, will this work be counted in project economics and paid by EIC?

Yes, EIC is generally willing to assume the risk that the client may renege or default on their verbal agreement and will pursue the client for reimbursement in this event. However, this risk needs to be discussed and agreed by the team in the first case. All work that is to be remunerated by EIC, whether funded by client work or otherwise, must be captured in timesheets and in a project economics sheet.