Interim payments — Amount — Calculation Clause Samples
The 'Interim payments — Amount — Calculation' clause defines how interim payments are determined and calculated during the course of a contract. It typically outlines the method for assessing the value of work completed at specific intervals, such as monthly or upon reaching certain milestones, and may specify deductions, retention percentages, or adjustments for materials on site. This clause ensures that payments made before final completion are fair, transparent, and based on measurable progress, thereby providing financial stability to the contractor while protecting the client's interests.
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Interim payments — Amount — Calculation. Not applicable
Interim payments — Amount — Calculation. Interim payments reimburse the eligible costs incurred for the implementation of the specific action during the corresponding reporting periods. The [Commission][Agency] will pay to the partner the amount due as interim payment within 90 days from receiving the periodic report (see Article 16), except if Articles 53 or 54 FPA apply. Payment is subject to the approval of the periodic report. Its approval does not imply recognition of the compliance, authenticity, completeness or correctness of its content. The amount due as interim payment is calculated by the [Commission][Agency] in the following steps:
Step 1 — Application of the reimbursement rates Step 2 — Limit to 90% of the maximum grant amount
17.3.1 Step 1 — Application of the reimbursement rates
17.3.2 Step 2 — Limit to 90% of the maximum grant amount