Common use of Lead Partner Clause in Contracts

Lead Partner. The Lead Partner is designated by the Partners and has full financial and administrative responsibility for the EU contribution for the entire duration of the Subsidy Contract stipulated with the Managing Authority for the implementation of the Project. The Lead Partner has functional (co-ordination of the project activities) and financial responsibilities related to the EU contribution, i.e. it has to guarantee the sound financial management of the EU funds allocated to the Project. The Lead Partner is also responsible for the proper reporting of progress during project implementation to the Joint Secretariat.