Common use of Financial Flows Clause in Contracts

Financial Flows. DEPARTMENT – NATIONAL FUND (NF) a) open bank accounts in the Czech National Bank for the transfer of funds from the Financial Mechanisms to the Czech Republic b) request the transfer of funds from the Financial Mechanisms to the NF bank account on the basis of the relevant documentation summarising information on actual expenditures incurred during projects implementation or, if appropriate, submit requests for advance payments c) transfer funds to the bank accounts of the Ministry of Finance administered by the CFCU on the basis of the CFCU request. The request must be supported by documents on payments executed or, if appropriate, by requests for advance payments submitted by intermediary bodies and/or final beneficiaries d) ensure reimbursement of unused or unduly paid funds to the Financial Mechanisms e) set and adjust the methodology governing financial flows from the EEA/Norwegian Financial Mechanisms f) conduct accounting in the NF information system on all financial transactions realised on the accounts of the Ministry of Finance, which were opened for funds from the EEA/Norwegian Financial Mechanisms g) keep originals of relevant documents for 10 years after completion of projects INDEPENDENT UNIT - THE CENTRAL FINANCE AND CONTRACTS UNIT (CFCU) a) ensure conclusion of contracts with Intermediary Bodies or final beneficiaries b) check the factual and formal correctness of requests for payment submitted by Intermediary bodies / final beneficiaries c) ensure payments to Intermediary bodies or final beneficiaries within 10 days from approval of all the necessary documents by the NFP (CFA – UCFA) d) conduct accounting in the NF information system, including relevant information on accounts, requests, payments and reimbursements, on all financial transactions realised on the accounts of the Ministry of Finance, which were opened for funds from the EEA/Norwegian Financial Mechanisms and which are administered by the CFCU e) prepare and submit regular reports to the NF in the required format as a basis of the request for the transfer of funds to the NF and CFCU f) manage the register of irregularities and its update as well as report irregularities to Central Harmonisation Unit for Financial control and NF g) settle irregularities in its scope of function in accordance with the relevant regulations and instructions h) prepare background documentation for the Annual Monitoring Report i) keep originals of relevant documents 10 years after completion of projects