Other financial issues Clause Samples
The 'Other financial issues' clause addresses additional monetary matters not covered elsewhere in the agreement. It may specify responsibilities for incidental costs, reimbursement procedures, or handling of unforeseen expenses that arise during the contract's execution. By including this clause, the parties ensure that all potential financial obligations are clearly allocated, reducing the risk of disputes over unanticipated costs.
Other financial issues. 10.1. In order to ensure that Commission funds will remain available, and can be fully utilised, EC contributions will be expressed as the lower of an absolute amount and a percentage of projected total eligible expenditures. In the case of Multi-donor Actions, they will be expressed as absolute amounts rather than as percentages of projected total eligible expenditures where the final funding of the Action is not known at the time of signing the contribution- specific agreement. Where the EC contribution is expressed as the lower of an absolute amount and a percentage of projected total eligible expenditures, and such percentage is likely to change, the UN organisation will consult the Commission without delay so as to agree on appropriate measures, such as increasing the percentage of eligible expenditures.
10.2. In exceptional cases, including those mentioned in Article 2.4 above, the Commission may provide funding for an Action in progress provided that it has not started before the date on which the request for funding has been received. For humanitarian operations or other emergency assistance, the Commission may provide funding for an Action started by a humanitarian organisation before the date on which it has received the request for financing. In all cases this must be specified in the contribution-specific agreement.
10.3. In cases where the Action is suspended or not completed within the period defined in the contribution-specific agreement, the funds that remain unexpended after all liabilities incurred in this period have been satisfied, including interest earned (subject to Article 9.2), will be reimbursed to the Commission, unless agreed otherwise in writing.
10.4. The Commission will inform UN organisations with which it has or is likely to have contribution-specific agreements, on its programming intentions as early as possible in the budgetary exercise, including, on an indicative basis, the amounts likely to be available during the current exercise.
10.5. The Commission will make every effort to allow for the necessary flexibility to enable UN organisations operating in highly volatile situations to meet evolving needs during the implementation period.
10.6. The United Nations will make every effort to define in advance the aspects most likely to be affected by changes in a given situation.
10.7. The contribution-specific agreement will specify the degree of flexibility, including budgetary re-allocations, to be exercised by the United ...
Other financial issues. 10.1. In order to ensure that Commission funds will remain available, and can be fully utilised, European Union contributions will be expressed as the lower of an absolute amount and a percentage of projected total eligible expenditures. In the case of Multi-donor Actions, they will be expressed as absolute amounts rather than as percentages of projected total eligible expenditures where the final funding of the Action is not known at the time of signing the Contribution Agreement. Where the European Union contribution is expressed as the lower of an absolute amount and a percentage of projected total eligible expenditures, and such percentage is likely to change, the International Organisation will consult the Commission without delay so as to agree on appropriate measures, such as increasing the percentage of eligible expenditures.
10.2. In the case mentioned in Article 2.4 above, the Commission may provide funding for an Action in progress provided that it has not started before the date on which the request for funding has been received. In exceptional cases, in particular for primary emergency and urgent humanitarian operations, the Commission may provide funding for an Action started by the International Organisation before the date on which it has received the request for financing. In all cases this must be specified in the Contribution Agreement.
10.3. In cases where the Action is suspended or not completed within the period defined in the Contribution Agreement, the funds that remain unexpended after all liabilities incurred in this period have been satisfied, will be reimbursed to the Commission, unless agreed otherwise in writing.
10.4. The Commission will inform the International Organisation on its programming intentions as early as possible in the budgetary exercise, including, on an indicative basis, the amounts likely to be available during the current exercise.
10.5. The Commission will make every effort to allow for the necessary flexibility to enable the International Organisation operating in highly volatile situations to meet evolving needs during the implementation period.
10.6. The International Organisation will make every effort to define in advance the aspects most likely to be affected by changes in a given situation.
10.7. The Contribution Agreement will specify the degree of flexibility, including budgetary re- allocations, to be exercised by the International Organisation. Any changes, including to the implementation period, ...
Other financial issues. Each partner’s total budget and funding (Requested EC contribution) is listed below. This table is taken from the Annex I (DoW) of the GA. Part. number Part. short name Coordination / Support (A) Management (B) Other (C) Total A+B+C EC contribution 1 UPF-MTG 74,169.00 42,500.00 0.00 116,669.00 104,030.00 2 STRO 71,856.00 30,531.00 0.00 102,387.00 91,295.00 3 OSGK-OFAI 87,972.00 9,264.00 0.00 97,236.00 86,701.00 4 IRCAM 77,067.00 0.00 0.00 77,067.00 68,713.00 5 INESC PORTO 80,773.00 8,977.00 0.00 89,750.00 80,021.00 6 QMUL 90,462.00 0.00 0.00 90,462.00 80,661.00 7 BMAT 69,061.00 0.00 0.00 69,061.00 61,579.00 The cost for carrying out the project is 642,632.00 € of which 573,000.00 € is financed by the European Commission. Payments are made to the Coordinator on behalf of the consortium. The coordinator is responsible for receiving and ensuring the distribution of the community financial contribution. The Commission shall make the following payments:
a) a pre-financing in accordance with art. 6 of the core GA
b) interim payments corresponding to the amount accepted for each reporting period. At the end of each reporting period, the Commission evaluates project reports and deliverables (see above) and disburses the corresponding payments within 105 days of their receipt
c) final payment corresponding to the amount accepted for the last reporting period plus any adjustment needed. According to the Commission’s rules, the total amount of the pre- financing and interim payments shall not exceed 90% of the maximum Community financial contribution defined in art.5 of the core GA. At the end of the project the remaining contribution will be calculated as final payment. According to art.6 of the core GA, beneficiaries shall contribute to a Guarantee Fund established in order to manage the risk associated with non-recovery of sums due to the Community. The FP7 guarantee Mechanism replaces 6th Framework Programme “Financial Collective Responsibility” and it works in the following way: 5% of prefinancing (EUR 28,650.00) is withheld by the Commission to generate the Guarantee Fund. The 5% EC contribution transferred to the Guarantee Fund will be returned to the beneficiaries via the coordinator at the moment of the final payment, at the end of the project; however, a maximum deduction of 1% of the EC contribution may be applied to beneficiaries in the circumstances detailed in Article II.20 of GA (unrecoverable defaults) The 1% deduction shall not apply to amounts...
Other financial issues. Each partner’s total budget and funding appears on Annex II of the Grant Agreement. Payments are made to the Coordinator on behalf of the consortium. The Coordinator is responsible for receiving and ensuring the distribution of the community financial contribution. The Commission shall make the following payments:
a) a pre-financing
b) interim payments corresponding to the amount accepted for each reporting period. At the end of each reporting period, the Commission evaluates project reports and deliverables (see above) and disburses the corresponding payments within 105 days of their receipt
c) final payment corresponding to the amount accepted for the last reporting period plus any adjustment needed. According to the Commission’s rules, the total amount of the pre-financing and interim payments shall not exceed 90% of the maximum Commission financial contribution. At the end of the project the remaining contribution will be calculated as a final payment. According to the GA, beneficiaries shall contribute to a Guarantee Fund established in order to manage the risk associated with non-recovery of sums due to the Commission: ● 5% of pre-financing (EUR 205,103.50) is withheld by the Commission to generate the Guarantee Fund. ● The 5% EC contribution transferred to the Guarantee Fund will be returned to the beneficiaries via the coordinator at the moment of the final payment, at the end of the project; however, a maximum deduction of 1% of the EC contribution may be applied to beneficiaries in the circumstances detailed in the GA (unrecoverable defaults) ● The 1% deduction shall not apply to amounts due to public bodies or legal entities whose participation in the grant agreement is guaranteed by a Member State or an Associated country, and higher and secondary education establishments. Please note that the coordinator has received from the Commission the pre-financing, where the Guarantee Fund has been deducted. This pre-financing has been distributed according to each partner’s share of the total EC contribution.